The digital banking company from Brazil, Nubank, declared that NuCoin, which it first revealed last year, has now been formally launched. The token will be created on the Polygon network and cannot be moved to wallets outside the bank, according to the official release.
The NuCoin was formally introduced in October 2022 by Brazil-based Nubank, which went public in 2021 and purchased a 500 million dollar share of Berkshire Hathaway, the company headed by Warren Buffet.
It was disclosed that NuCoin, which will be created on the Polygon network at no additional cost to the clients, is issued solely for the purpose of accruing loyalty points and will not be able to withdraw to wallets located outside of the system.
Properties of the NuCoin
While it has been planned to issue 100 million NuCoins, 80% of this total will be distributed in the form of airdrops to users and businesses who will join the protocol. The purchasing and selling of NuCoins via the Nubank app may be done in the same way as other cryptocurrency transactions. There won’t be a secondary market as a result. Consumers who choose to freeze their NuCoins will also be able to earn more incentives in the future.
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Nubank is Profits Assure its Safety
In contrast to a deficit of US$ 66.1 million during the same time in 2021, Nubank’s net profit for the fourth quarter came to 58 million US dollars, marking the company’s second year in a row of profitability. The bank’s fourth-quarter revenue increased by 112% over the prior year to $1.45 billion. From 36% to 40%, the gross financial margin also increased.
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