Nubank, a fintech bank based in Brazil, announced that it will launch its own digital token called Nucoin, which will be available in the first half of 2023.

According to the announcement, Nucoin will be used in the bank’s plans as part of its loyalty program to offer discounts and benefits to customers.

Nucoin will be built on top of the Polygon blockchain. ”The idea is to use the technology and technical support from the Polygon network to develop and expand the digital currency,” Nubank said in the announcement.

Sandeep Nailwal, co-founder of Polygon, said in a statement: “One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the usefulness Blockchain and cryptocurrencies have to offer.”

Starting this month, a total of 2,000 select customers will be selected to test the token and discuss more details of the project, its decentralization process, and web3 features.

Launched in 2013, Nubank is one of the leading fintech banks based in Brazil. The firm aims to empower people by reinventing financial services.

In May, Nubank announced its partnership with Paxos to allow its customers to buy, sell, and store crypto through its cryptocurrency app, Nucrypto.

This move was aimed at expanding and improving its clients’ access to crypto assets. And it could also be a boon for the company’s upcoming Nucoin token launch, as the bank stated that Nucoin would also be traded on the cryptocurrency market.

Additionally, in July, Blockchain.News reported that Nubank’s cryptocurrency app Nucrypto reached a total of 1 million users. A milestone that the firm already planned to reach within a year of the application’s launch.

Nubank is not the only company in Brazil adopting cryptocurrencies. In August, Brazil-based cryptocurrency exchange Digitra.com launched its first digital asset trading platform backed by Nasdaq’s cloud-based cryptocurrency trading service.

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