Brazil's Nubank to introduce native loyalty token

Nubank, the leading Brazilian digital bank by market value, has announced that it will launch an in-house loyalty token in the first half of 2023.

The bank plans to release the token, dubbed Nucoin, as part of a broader loyalty program that offers users benefits and discounts.

Nucoin will be built on the Polygon, according to Nubank, which selected 2,000 customers who will be the first to test out the token.

Nubank launched its crypto trading services in May, and by the end of September, it recorded nearly 2 million crypto users on its platform.

“We want to further democratize new technologies such as blockchain and web3, and go beyond Nubank Crypto, the function to buy and sell cryptocurrencies in the app,” Nubank said. 

This move also follows the fact that Latin American e-commerce giant Mercado Libre launched its own token, Mercado Coin, in August.