Brazilian Nubank has announced plans to launch its own cryptocurrency as part of its new loyalty program.
Nubank announced in May that it would allow its Brazilian customers to make cryptocurrency transactions on its banking app. Continuing to work on crypto, the bank took another step.
Nubank Will Launch Its Own Cryptocurrency
Brazil-based Nubank plans to launch its own cryptocurrency as part of a new loyalty program.
Warren Buffett-backed Nubank said in a statement that the Nucoin digital currency is expected to launch in the first half of 2023. The aim of the bank is to offer customers advantages such as discounts and advantages while accumulating Nucoin with the new loyalty program.
Fernando Czapski, Managing Director of Nucoin at Nubank, which now has more than 70 million customers, said:
“This project is another step in our belief in the transformative potential of blockchain technology and to further democratize it”
Nubank announced in the past months that it has allocated about 1 percent of the cash in its balance sheet to Bitcoin in order to show its belief in cryptocurrencies.
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