Nubank Announces New Nucoin Loyalty Program

Nubank, one of the largest neobanks in Latam, has announced that it has launched a new version of its previously abandoned Nucoin loyalty program. The tokens issued will be registered in a blockchain, but won’t be able to be traded.

Nubank Launches New Version of Nucoin Loyalty Program

Nubank, a Latam-focused neobank institution, has decided to launch a new version of Nucoin, a previously scrapped cryptocurrency loyalty program. The company will allow customers to accrue nucoin tokens when completing specific actions, like issuing payments with the institution’s cards.

Other actions will be included in the future to expand the reach of the program, including paying bills on time, registering a Pix key, and sharing data with Nubank via Open Finance, according to a statement issued by the institution.

While the program is pretty similar to the one discontinued in September, they have one key difference. While the former program allowed users to púrchase nucoins directly from Nubank, assigning them a price that caused speculation problems, the new one only issues these tokens as a reward for some actions without the possibility of trading them.

Arthur Valadao, Vice President and General Manager at Nubank, stated:

We redesigned the program to be like no other, democratizing access to this type of initiative and allowing customers to enjoy the benefits in practice, going beyond the “used-earned” relationship.

Furthermore, he stressed that the program’s goal was to “build and adapt relevant and attractive initiatives for this audience.”

Users holding these tokens will receive rewards like tickets to events, and discounts in retail stores, including Shoppee, Magalu, and Amazon.

The former nucoin token reached over 16 million holders, who had to exchange their nucoins for bitcoin or stablecoins when the program was terminated by the bank.

While the program was already put in motion, Nubank plans to scale its reach slowly, with the first batch of nucoin being available to a small portion of the bank’s customers.

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