The crypto world has reacted positively to the news that Brazilian neobank Nubank will support the cryptocurrencies polygon (MATIC) and uniswap (UNI) on its mobile banking app.
Midway through 2022, Nubank said it would begin a crypto pivot by utilizing its balance sheet to purchase bitcoin (BTC). The parent firm of the corporation has stated that it will allocate 1% of its portfolio to bitcoin.
The company has also released an enhanced version of its program that includes the capability to store, acquire, and dispose of bitcoin and ethereum (ETH).
And the MATIC switch could have been cooking for a while. The corporation revealed its partnership with Polygon in October of last year, with the intention of launching its own token, called Nucoin.
The bank has announced plans to distribute its token to customers through airdrop “in the first half of 2023”; the token will be used in the bank’s loyalty programs.
On January 15th, Nubank’s founder and CEO David Vélez told Time:
As a leader, my first priority is to boost morale and enthusiasm within the company in order to speed up and improve output.
It appears that the “tempo of execution” in the crypto industry has picked up speed. In just a few short months, the company went from being almost unknown to a major player in the domestic crypto market.
It will take time to see if Nubank customers embrace this additional variety of altcoins, but it is potentially telling that the bank is continuing its adoption campaign even while many other crypto-only organizations are cutting back on operations.
Even now, prominent Latin American crypto firms like Mexico’s Bitso and Brazil’s Mercado Bitcoin rule the roost in their respective countries’ crypto markets.