Buffett-backed digital bank Nubank to launch its own cryptocurrency in Brazil

Finance

By Aahil

October 27, 2022

On Wednesday, Nubank said that it would introduce the Nucoin cryptocurrency in the first half of 2023.

2,000 clients would be invited by Nubank to join a forum group that would help shape the future of Nucoin.

The launch of the new token comes amid a gloomy environment for cryptocurrencies, with the price of bitcoin and other significant digital assets down more than 50% year to date

According to the company, Nubank said that it would invite 2,000 clients to participate in a discussion group for influencing the development of Nucoin while "adhering to common norms in blockchain initiatives."

In this stage, rather than focusing on feedback, the suggestion is to investigate a decentralized product creation process that is typical of Web 3.

JPMorgan launched JPMCoin, a so-called stablecoin that maintains a one-to-one peg to the dollar, as its own currency.

In an effort to assist card issuers in preventing fraud involving cryptocurrency exchanges, Mastercard introduced Crypto Secure in October.

In 2013, Nubank made its debut in Sao Paulo, Brazil, with a purple no-fee credit card. Brazil is infamous for its high-fee, antiquated banking system.

Warren Buffett, a renowned investor, is one of the supporters of Nubank, which went public in the latter part of last year.

In June 2021, Berkshire Hathaway, Buffett's company, acquired a $500 million stake in Nubank.

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