Nubank Launches Loyalty Program with Proprietary Token Nucoin
Nubank, one of Brazil’s leading digital banks, has launched a customer loyalty program that utilizes its proprietary token called Nucoin. The program aims to reward loyal Nubank customers with Nucoin, which can be used to redeem rewards and discounts within the Nubank app.
According to a local news outlet, Portal do Bitcoin, Nucoin plans to release 100 billion units of the token as part of an airdrop program for its loyal customers. While Nucoin will function similarly to a points system, holders cannot transfer them to external wallets outside Nubank’s system.
Nucoin was developed by Polygon, a layer-2 scaling solution, in 2022. According to its white paper, 80% of the 100 billion Nucoins produced will go to Nubank’s users and other enterprises that may opt to participate in the initiative in the coming years.
Users will conduct Nucoin transactions through the Nubank app, similar to buying and selling cryptocurrencies. The loyalty program is expected to increase customer engagement and retention, as well as promote the use of digital currencies in Brazil.
Nubank has been at the forefront of Brazil’s digital banking revolution, offering a range of financial services through its mobile app. The bank has over 40 million customers and has raised over $1 billion in funding to date.
The launch of Nucoin is a significant step for Nubank as it seeks to expand its offerings and stay ahead of the competition in Brazil’s digital banking market. With the loyalty program, Nubank hopes to strengthen its relationship with its customers and provide them with more value-added services.
