By
Tolu Ajiboye
June 15th, 2023
Customers who receive the loyalty tokens will be able to decide how they want them to be used, with several options available.
Brazilian neobank Nubank has unveiled plans to roll out its token, Nucoin, to its Brazilian customers. The bank, which has over 70 million customers in Brazil alone, first announced the free token in October 2022. At the time, Nubank noted that it would partner with Polygon blockchain to create its loyalty token while tapping into the power of a decentralized web3 ecosystem.
The bank tipped that it would involve about 2000 members of its community in the development and testing of the token.
According to the general manager of Nubank, Fernando Czapski, “Nucoin is a revolution co-created by our customers together with partners that strengthen the ecosystem and make it usable inside and outside Nubank.” Czapski noted that the bank will constantly improve on the token as its technological and market reach expands.
Having completed all that, the bank will now airdrop the tokens to its customers, amid several other ways of distribution.
Nucoin by Nubank
Customers who receive the loyalty tokens will be able to decide how they want them to be used, with several options available to them. Customers who have had a history with the bank will receive free airdrops of the tokens. Beyond this, each customer will have a chance to unlock 50 tickets and compete for $1 million reals.
Additionally, Customers will receive a fixed amount of Brazilian reals for every amount spent using a Nubank card and for every purchase of cryptocurrency through the bank’s digital app.
Upon receiving the tokens, users can choose to freeze their assets. By doing so, they get to level up, getting more Nucoin in the process or winning tickets to compete for bigger prizes. Shortly, customers will also be able to exchange the Nucoins for cash from other customers. There are also plans to allow customers to use the tokens outside the bank.
Nubank believes that customer management is the central point of business decisions. Consequently, customers who use the product will be able to make suggestions and determine the future direction of the Nucoin protocol. With the ecosystem only evolving, the loyalty program is expected to offer more benefits to bank customers over time.
By focusing on its clients, Nubank grew its client base by 39.1% in 2022. Offering loyalty tokens to these same customers may just lead to an explosion in the bank’s customer base in Brazil.
