Brazil-based fintech bank Nubank reportedly disclosed details of the Nucoin token design on the Polygon blockchain, setting the path for a rewards program for its 70 million customers in Latin America. 

Specifically, the firm reportedly claimed that the token will be rolled out in the first six month of 2023, and will recognize customer loyalty and engagement with the bank offerings, without cost or fees for its users. 

The tokens are reportedly redeemable for perks and discounts on selected products. 

“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.” Fernando Czapski, the general manager for Nucoin at Nubank, additionally remarked. 

As of this month, around 2,000 customers will receive invitation to take part in a discussion of the project details, including the decentralized process of product creation and its Web3 features. 

“We decided to bring a group of customers into this co-creation process precisely to refine our product ahead of the public launch, to ensure we get to a program that truly resonates with our customers’ expectations and needs,” noted Czapski. 

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

In May, the bank reportedly revealed further specifics regarding an alliance with Paxos to enable its customers to purchase, sell and store cryptocurrencies via its app – an initiative to expand and enhance access to crypto assets, removing complexity and friction for customers to buy, hold and sell digital currencies through the bank’s app, and requiring no new account to open or transfer funds.