Polygon Builds Web3 Mojo With LatAm Fintech Deal

Brazil's Nubank Plans to Launch a Chain and Token on Layer 2

By: Samuel Haig Loading...

Polygon Builds Web3 Mojo With LatAm Fintech Deal

In a move that accelerates Polygon’s momentum, the Layer 2 network announced that Nubank, Latin America’s leading fintech, plans to launch its own chain and token with Polygon’s technology.

“This move will open the gateway for 70mn+ Nubank users to the web3 space,” Polygon tweeted.

Nubank’s plans to airdrop a token called Nucoin to its customers in the first half of 2023. The Sao Paulo-based firm will also invite 2,000 of its customers to participate in creating the token.

Creation Process

“Nucoin is yet another way of recognizing the 70mn+ users who trust our products by bringing some of them to be part of the creation process,” said Fernando Czapski, the senior director of crypto at Nubank. “We want to break paradigms and revolutionize the way companies reward people who use their services.”

Polygon said Nucoin will comprise the basis of Nubank’s customer loyalty program, offering benefits including discounts to holders.

Polygon’s PoS Chain has a total value locked of $1.25B, according to DeFi Llama. Its native MATIC token has a market cap of $6.3B, according to CoinGecko.

Nubank will launch the token on its own chain leveraging Polygon’s “Supernets” technology. Supernets allow users to create application-specific blockchain networks.

“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.

Beta Launch

The news comes as Polygon continues to attract major firms seeking to experiment with web3.

Last month, the popular investment app Robinhood launched the beta version of its non-custodial web3 wallet. The beta launch exclusively supports the Polygon PoS Chain and allows users to trade crypto assets without charging network fees. The application was made available to the first 10,000 iOS users that signed up for its waitlist in May.

In July, the social networking website Reddit launched an NFT marketplace for online avatars powered by the Polygon PoS Chain.

In April, the payments processor Stripe launched USDC payments via the Polygon network. The firm said it chose Polygon due to its low fees, fast speeds, and widespread wallet compatibility.