Warren Buffett-backed Nubank has announced the launch of its own cryptocurrency called Nucoin. The new token will be issued on top of Polygon’s network and will be airdropped to end users of the institution, with 80% of the total issuance being directed to customers.
According to reports, Nucoin will be an integral part of several activities in the future, including a cashback program where users will receive rewards in the form of tokens. The token will also be used for internal Nucoin raffles, but it will not have a secondary market, and transactions with the token will be only available on Nubank’s platform.
Nubank’s decision to launch Nucoin comes after it debuted crypto trading options on its platform back in May 2022. The bank’s decision to offer cryptocurrency-related services is in line with a growing trend among traditional financial institutions to adopt crypto and blockchain technology.
The launch of Nucoin is likely to create a buzz in the cryptocurrency and banking communities, as it marks a significant step forward for Nubank and the wider crypto industry.
In summary, the launch of Nucoin by Warren Buffett-backed Nubank marks a significant development in the digital banking and cryptocurrency spaces. Nubank’s move into crypto is likely to attract significant attention and could help drive further adoption of cryptocurrencies in the region.
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