Brazil’s Nubank Plans To Deploy Its Own Crypto

Vignesh Karunanidhi
Brazil’s Nubank Plans To Deploy Its Own Crypto
Source: Pitchbook

Businesses and investors in Brazil have grown more interested in cryptocurrencies over the course of the year. Brazilian businesses revealed an increase in crypto holdings in one of the most recent reports issued by the country’s tax office.

The interest in cryptocurrencies has been rising among Brazilian investors recently. Nearly 34 million Brazilians have engaged cryptocurrency investors who have participated in cryptocurrency investments during the preceding six months, according to a KuCoin study from April.

The numbers show an increased interest in cryptocurrencies not just among investors and businesses, but also banks. Brazil’s Nubank announced that it will be providing cryptocurrency trading services to its clients in May 2022. The bank joined hands with Paxos to provide crypto access to over 50 million Brazilians.

In one of the recent announcements, the bank outlined its plan to launch its own crypto.

Brazil’s Nubank to launch its own crypto for its rewards program

Nubank made the announcement as a part of its new customer rewards program. The cryptocurrency that will be dubbed “Nucoin” is anticipated to launch by the first half of 2023. Nubank plans to offer its holders with additional discounts and perks as time goes on.

“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more,” Fernando Czapski, Nucoin GM.

The bank will collaborate with Polygon to provide the required technology and expand Nucoin. Nubank will choose 2,000 customers next month to test the coin. The bank also stated that these customers will be a part of a closed community that will be built to make Nucoin better.

Nubank also anticipates that Nucoin will trade alongside other cryptocurrencies in the global market. The recent soaring interest in crypto among global banks shows the growing adoption of crypto worldwide.