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Neobank Supported by Warren Buffett Introduction of Nubank’s Own Currency, Nucoin

One of the largest digital neobanks in Latin America, Nubank, which is funded by Warren Buffett, has announced the launch of its own cryptocurrency dubbed nucoin. The coin, which is issued on top of the Polygon network, will be airdropped to institution customers, who will receive 80% of the total issuance.

According to local media, the implementation of internal nucoin raffles as well as the creation of a payback programme where users receive incentives in the form of tokens will all depend on nucoin in the future. Due to the fact that Nucoin transactions would only be possible on Nubank’s platform, the token will not have a secondary market.

A portion of the 70 million consumers the exchange claimed to have attracted are already using Nucoin, with around 2 million of them having bought cryptocurrency. Nubank withheld information about the currency’s first pricing, assuming one will be established.

Local media outlets have reported that Nubank would offer other currency choices, including as staking programmes that let users lock their nucoins in exchange for more nucoins over time or more raffle tickets for internal drawings. Using the platform, it will supposedly be possible to swap nucoins for money in the future.

Some people are not surprised by the creation and launch of nucoin because the company has been working on it since Nubank’s senior director and general manager, Fernando Czapski, declared that the company believed in the “transformative potential of blockchain technology” and in its democratisation in October.

The programme is identical to one that was implemented by the retail and financial services company Mercado Libre in August of last year. At that time, the company also released its own cryptocurrency, dubbed mercadocoin, as part of its loyalty programmes. However Mercado Libre did set a starting price for its token, which was worth $0.10 at the time of its introduction.

Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.

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