Buffet-Backed Neobank to Launch Its Own Crypto Token

Warren Buffet-backed Neobank, Brazil’s largest digital bank by market volume, has announced it will launch its own cryptocurrency in the first half of 2023. The cryptocurrency, which is to be known as Nucoin, will run on the Polygon blockchain.

In a press release posted Wednesday October 19, Neobank explained that Neo coin will providen discounts and other perks to holders and will function as, “a new way torecognize customer loyalty and encourage engagement with Nubank products.”

Nubank Goes Deeper into Crypto

This isn’t Nubank’s first foray into crypto. Earlier this year, the bank started to dabble in Web3 by offering crypto trading services to its customers in partnership with the crypto trading platform Paxos.

The announcement that Neobank now plans to launch its own cryptocurrency marks a significant deepening of its interest in crypto. Before the launch of Neocoin next year, Neobank plans to select 2,000 customers to test the token and provide feedback and guidance on its development.

Neobank Believes in Blockchain

Neobank’s General Manager for Neocoin, Fernando Czapski explained that the bank believes blockchain has excellent potential.

Other large players in the finance sector have also been making announcements recently which demonstrate their belief in crypto’s potential. Just days ago, Master card announced its new Crypto Secure program in partnership with Paxos, which aims to make it easier for banks and other financial institutions to offer crypto trading services to their customers, a move that could potentially boost mainstream adoption of crypto.