Nubank from Brazil announced on Wednesday plans to launch its own cryptocurrency as part of a new customer rewards program.
Nubank, backed by Warren Buffettsaid in a statement that the digital currency is expected to Nucoin launches in the first half of 2023.
Its goal is to offer customers benefits such as discounts and advantages as they accumulate Nucoins.
The announcement follows a similar move by e-commerce giant MercadoLibre, which announced in August the creation of its cryptocurrency linked to the MercadoCoin loyalty program.
MercadoCoin is traded on exchanges and its value may fluctuate. It was not immediately clear if Nucoins would be similarly fungible.
“This project is another step in our belief in the transformative potential of blockchain technology and further democratizing it,” said Fernando Czapski, general manager of Nucoin at Nubank, which currently has more than 70 million customers.
Polygon Technology, a scalable blockchain developer from Ethereumwill provide technology and technical support for the expansion of Nucoin, the firm said, adding that around 2,000 customers will be selected over the next month to test Nucoin.
Nubank announced in May that it would allow its Brazilian customers to transact cryptocurrencies on its banking app.
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