Nubank and Santander move to integrate blockchain into the Brazilian banking system

Nubank and Santander move to integrate blockchain into the Brazilian banking system

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(Kitco News) – Brazilian fintech bank Nubank . owns announce Create his own token, Nucoin. It will be published on the Polygon network and allow the creation of a rewards program for its 70 million customers in Latin America.

The announcement said Nubank plans to take Nucoin live to customers in the first half of 2023, with the token being offered “as the basis for a customer loyalty rewards program and will have benefits such as discounts and other benefits.”

According to Fernando Kasapsky, Nucoin General Manager, “This project is another step forward in our belief in the transformative and democratization potential of blockchain technology, beyond buying, selling and maintaining cryptocurrency in the Nu app.”

One notable fact about this development is that Nubank is backed by Warren Buffett’s Berkshire Hathaway and Softbank. Buffett is known for referring to BTC as “rat poison square” and has a history of negative comments about the cryptocurrency industry.

Earlier this year, Berkshire Hathaway made headlines when it sold $3.1 billion worth of Visa and Mastercard shares while simultaneously buying $1 billion worth of Nubank shares.

Nubank is one of the world’s largest digital banking platforms, with customers spread across Brazil, Mexico and Colombia. Since the launch of the cryptocurrency trading platform at the end of June, more than 1.8 million users have signed up to take advantage of the service.

“Nubank’s customer loyalty rewards program, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, while recognizing the transformation that is taking place in traditional finance,” said Sandeep Nilewal, Co-Founder of Polygon.

Following the announcement from Nubank, the price of Polygon MATIC token increased by 14.7% from $0.776 on October 21 to its current value of $0.89.

Santander begins testing blockchain-based coding

In other banking news from Brazil, there is a local branch of the big global bank, Santander Launched Testing a blockchain-based coding platform for the transfer of ownership of used cars and real estate in a South American country.

The new platform is designed to automate the transfer of ownership registration through the deployment of smart contracts based on a settlement method known as delivery versus payment, which ensures the transfer of ownership after successful payment.

Santander has partnered with digital custodian and infrastructure provider Web3 Parfin to develop the new offering.

Alex Buelau, Parfin co-founder and chief technology officer, noted that the platform will be a licensed blockchain network developed from the Ethereum blockchain, which means that it will work similarly to Ethereum but will not be publicly available.

The new project is part of the Central Bank of the Brazilian Financial Innovation Laboratory (Lift), which includes a set of initiatives aimed at facilitating the creation of a true digital currency, the digital currency of the Central Bank of Brazil. The digital riyal is scheduled to be launched in 2024.

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