Brazil’s Largest Digital Lender Nubank to Roll Out Own Token to 70M Users in 2023

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Nubank, the largest Brazilian digital bank by market value, plans to release its own token next year in Brazil, Colombia and Mexico, the company announced Wednesday.

The token – called Nucoin and built on Polygon – will be available for Nubank’s 70 million users in the first half of 2023, the company said in a statement, adding that it will be distributed freely and used to offer discounts and perks.

“We are opening a door to the future,” said Fernando Czapski, General Manager for Nucoin at Nubank, in a statement. “Nucoin is a new way to recognize customer loyalty and encourage engagement with Nubank products.”

Prior to the launch in the fourth quarter of 2023, Nubank plans to select 2,000 users to test the token feature and give feedback, with the purpose of decentralizing the product creation process.

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

Nubank introduced its crypto trading platform in Brazil in June and reached 1 million users one month later.

In August, Mercado Libre (MELI), Latin America’s largest e-commerce company by market cap, launched its own cryptocurrency in Brazil – Mercado Coin – which can be used to make purchases on Mercado Libre and as cash back on purchases.