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Warren Buffett-backed Nubank announces launch of its own cryptocurrency, Nucoin

warren buffet

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TL;DR

  • Nubank, a Brazilian neobank, has just launched its own cryptocurrency called Nucoin with the backing of investor Warren Buffett.
  • The first quantity of Nucoin will be distributed over the Polygon first layer network and given away to customers through an airdrop.
  • Users can use the Nucoin token for cashback, staking programs, and other activities.

Neobank Nubank, a bank located in Brazil, has just unveiled the cryptocurrency known as Nucoin with the backing of one of the cryptocurrency’s the most influential figures, investor Warren Buffett.

The first quantity of Nucoin will be dispersed over the Polygon first layer network, and it will be given away to clients as part of an airdrop. After that, users will utilize the Nucoin token for the purposes of cashback.

A study from Portal DO Bitcoin says that the Nucoin will be used in a wide range of economic activities in the days to come. Nubank will offer cutting-edge customer service, and the cashback incentive program will be made better. Users of Nucoin will be able to take part in a process called “staking,” which will give them Nucoin tokens.

Additionally, all transactions that will be conducted using Nucoin will only take place through the Neobank app. This means that there is no other platform where the Nucoin cryptocurrency will be active.

A small number of 70 million customers the bank said it had as of September can now use this digital currency. According to reports, nearly 2 million customers have already purchased cryptocurrency on the platform.

Nubank is likely to show more ways to use its currency, such as staking programs and tokens backed by assets. The company also wants to offer its customers new products like derivatives, options, and futures contracts. The team is working on an advanced user experience platform that will make it easier and safer for customers to use the Nubank network.

Just last year, in the month of May, Nubank announced that it would incorporate Bitcoin (BTC) and Ether (ETH) within its platform. This has helped in the adoption of the Nucoin token and has also helped in the backing up of the cryptocurrency, which has led to investors gaining confidence within the Nucoin network.

This is a big step forward for the company because it now makes it easy for its clients to use cryptocurrencies to access the platform and make transactions on it. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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