The Brazilian neo-bank Nubank has announced its intentions to make its cryptocurrency, Nucoin, available to all of its Brazilian customers.
In October 2022, the bank, which serves over 70 million people in Brazil alone, officially announced the free token.
Around that time, Nubank mentioned that it would collaborate with Polygon blockchain to develop its loyalty token, all the while drawing upon the capabilities of a decentralized web3 ecosystem.
The financial institution hinted that it would involve approximately 2,000 people from its neighborhood as part of developing and testing the token.
“Nucoin is a breakthrough that was co-created by our consumers together along with partnerships that enhance the ecosystems and make it useable inside and outside of Nubank,” said Fernando Czapski, the general manager of Nubank.
Czapski mentioned that the bank would consistently develop the token as the business’s technology capabilities and market reach grow.
After all of that has been finished, the bank will now distribute the tokens to its customers via an airdrop, in addition to many additional methods of distribution.
Nucoin issued by Nubank
Consumers who are given loyalty tokens will have numerous choices accessible to them regarding how they would like to use the tokens once they have received them. Clients that have an established relationship with the bank will be eligible to get free tokens via airdrops.
Moreover, every customer can unlock fifty tickets and participate in a competition for one million reals.
In addition, customers will be rewarded with a predetermined sum of Brazilian reals for every total invested using a Nubank card, as well as for every purchase of cryptocurrencies made using the digital app provided by the bank.
Users will have the option to put their assets on ice once they have received the tokens.
They will be able to level up as a result, which will either result in them receiving more Nucoin or winning tickets that will allow them to compete for more valuable prizes.
In the near future, clients will also have the ability to trade their Nucoins for cash from those other users of the platform.
In addition to that, there are plans to give consumers the ability to use the tokens outside of the bank.
Nubank believes that the management of customers should be the primary focus of all company choices.
Consequently, users who use the product will be able to provide feedback and help define the path that the Nucoin protocol will take in the future.
As the ecosystem continues to develop, it is anticipated that the loyalty program will offer more benefits to bank clients over time.
Nubank increased (1) the number of customers it served by 39.1% in 2022, thanks to its customer-centric business model. If the bank were to offer loyalty tokens to these same consumers, it is possible that the bank’s client base in Brazil would see explosive growth.
