Nubank, a Brazillian fintech company, plans to use Polygon technology to create their own crypto assets as loyalty tokens in a new rewards program. Nubank will launch the rewards program in the first half of 2023. 70 million customers will access the plan and receive NuCoins to acknowledge their engagement with the bank.
2000 patrons will be invited to discuss the development, features, and essential web3 components required for the NuCoin loyalty program. Nubank officials believe this will help refine the product ahead of the public launch and ensure people’s needs are met.
Fernando Czapski, NuCoin’s GM, said that the project was a way to develop blockchain technology and democratize the sale-purchase of cryptocurrencies via the Nu app. Sandeep Nailwal, the founder of Polygon, also acknowledged the utility of blockchain and said that the collaboration is a “strong testament” to the technology.
Nubank is one of many banks that make its debut in the crypto and web3 markets by launching NuCoin. JPM Coin is another cryptocurrency launched by a leading investment banking company JP Morgan Chase. It is a stablecoin that seeks to keep the dollar as its primary benchmark for value.
Since last year, several other investment banking companies, including Goldman Sachs, HSBC, and the Swedish Central Bank, have used web3 and crypto to address problems in traditional finance.