Nubank introduces cryptocurrency for rewards programme

Nubank will offer customers benefits such as discounts and perks as they accumulate Nucoins

Brazil’s Nubank has created Nucoin, its own cryptocurrency on the Polygon blockchain network.  

The digital financial services platform will offer benefits such as discounts and perks as customers accumulate Nucoins. 

Latin America’s largest fintech partnered with Polygon, the Ethereum scaling blockchain, to use its technology and technical support. 

“We are opening a door to the future. Nucoin is a new way to recognise customer loyalty and foster further engagement with Nubank products”, said Fernando Czapski, general manager for Nucoin.  

“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratise it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.” 

The tokens will be distributed free of charge to customers and will serve as the basis for the creation of a rewards programme in Brazil. The fintech’s tokens are expected to be launched in the first half of 2023. 

Sandeep Nailwal, co-founder of Polygon, said: “The fact that one of the largest digital banking institutions in the world is offering its own cryptocurrency is a strong testament to the utility that blockchain and crypto have to offer. Nubank’s customer loyalty rewards programme, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, whilst acknowledging the shift happening in the traditional financial space.” 

Nubank will invite around 2,000 customers to participate in the development of Nucoin.  

They will discuss ideas in NuCommunity, an online space dedicated to dialogue with customers. The proposal is to explore a decentralised process of product creation. 

“Nubank was born to simplify the financial lives of customers, who are at the heart of everything we do,” explained Czapski. “Nucoin is yet another way of recognising the 70 million users who trust our products by bringing some of them to be part of the creation process. We want to break paradigms and revolutionise the way companies reward people who use their services.”  

Last December, the digital bank went public on the New York Stock Exchange, valuing the company at $45b. 

Its headquarters are located in São Paulo, Brazil. The fintech also has engineering offices in Germany, Argentina and an office in Mexico City, Mexico. 

The Warren Buffet-backed digital bank, recently celebrated reaching 70m clients across Latin America. 

Image source: Nubank 

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.