JAKARTA - Warren Buffett's digital bank, backed by Warren Buffett, is one of the largest digital banks in Latin America. Recently, Nubank announced the launch of its cryptocurrency, nucoin. The token is published on the Polygon network and will be distributed free of charge to Nubank service users, with 80 percent of the total coins to customers.
Nucoin will be used for various activities in the future, including cashback programs where users will receive prizes in the form of nucoin internal tokens and lotterys. However, nucoin will not be available on the secondary market, as transactions with tokens are only available on the Nubank platform.
Currently, nucoin is available for a portion of Nubank's 70 million subscribers, with nearly 2 million people having purchased cryptocurrencies before. Nubank has not disclosed the starting price of the coin.
In addition, Nubank will offer more options involving nucoin, including a staking program that allows customers to lock in their nucoins to receive more nucoins within a certain period of time or additional tickets for internal lottery. Nubank also plans to offer the option of exchanging nucoins for cash through its platform.
The launch of nucoin was not surprising to some, as Nubank has been working on this initiative since October last year. At the time, Fernando Czapski, senior director and general manager at Nubank, stated that the company believes in the "potential transformation of blockchain technology" and in its democratization.
Nubank's initiative is similar to that carried out by financial services and retail company Mercado Libre in August last year. At that time, Mercado Libre also issued its cryptocurrency called mercadocoin, to be part of the company's loyalty program. However, Mercado Libre set an initial price for its token, which was worth 0.10 US dollars at the time of its launch.
Nucoin's launch by Nubank shows how digital banks are starting to explore the potential of blockchain technology. However, with the unavailability of nucoin in the secondary market, it remains to be seen whether this token will be an attraction for investors and cryptocurrency users.
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