TIMES24H – International Breaking NewsTIMES24H – International Breaking News
    Facebook Twitter Instagram
    TIMES24H – International Breaking NewsTIMES24H – International Breaking News
    • Hot!
      1. COVID-19
      2. Vietnam
      3. Asia
      4. World
      5. Video
      Featured

      Police identify two among eight dead trying to enter US from Canada

      By Mike HarrisonApril 2, 20230
      Recent

      Police identify two among eight dead trying to enter US from Canada

      April 2, 2023

      Twitter makes some of its source code public, promises more

      April 1, 2023

      Son of Vietnam’s dancesport queen wins world title

      April 1, 2023
    • Business

      POPS Reaches Huge Milestone with 10,000 Enrolled Students

      December 16, 2021

      UrBox raises $2.2 million in Pre-Series A

      December 16, 2021

      One Mount garners two prestigious awards as it celebrates two years of remarkable growth

      October 11, 2021

      IBM and Mercedes develop “Stolen Vehicle Help” for Mercedes me service

      October 5, 2021

      Porsche reports Q3 2021 U.S. retail sales

      October 2, 2021
    • Life
      1. Lifestyle
      2. Recipes
      3. Fashion
      4. View All

      Son of Vietnam’s dancesport queen wins world title

      April 1, 2023

      Queen of all beauty queens to visit Vietnam

      April 1, 2023

      Hong Kong’s First Thai SELECT Carnival Lands in Lan Kwai Fong

      April 1, 2023

      Painting by Vietnamese artist fetches $217,000 at French auction

      April 1, 2023

      Cooking tips for a smaller Thanksgiving celebration

      November 18, 2020

      Hanoi: A capital, and a kingdom of egg coffee shops

      November 16, 2020

      4 must-try recipes when you travel to Vietnam

      November 7, 2020

      Cutting-Edge Technology for Top Dentists

      December 24, 2021

      H&M faces boycott in Vietnam over “problematic map”

      April 7, 2021

      Ground-breaking French designer Pierre Cardin dies aged 98

      December 30, 2020

      #HealthGoals: Jessica Simpson shows off 100 lbs weight loss in Christmas pajamas

      December 27, 2020

      Son of Vietnam’s dancesport queen wins world title

      April 1, 2023

      Queen of all beauty queens to visit Vietnam

      April 1, 2023

      Painting by Vietnamese artist fetches $217,000 at French auction

      April 1, 2023

      My wife refuses to work despite family’s money problems

      March 31, 2023
    • Sport
    • Tech
      1. Gadgets
      2. View All

      “Stupid windman” PC assembly experience based on Newegg ChatGPT

      March 29, 2023

      The value of the industrial cloud as an example of “the power of ecosystem, the power of expertise”

      March 29, 2023

      Machbase Releases Open Source Structured Time Series Database “Macbase Neo”

      March 28, 2023

      KISA, 2023 ‘Training to Build Elite Information Security Professionals’…”Double the Size of the Previous Year”

      March 28, 2023

      “Stupid windman” PC assembly experience based on Newegg ChatGPT

      March 29, 2023

      The value of the industrial cloud as an example of “the power of ecosystem, the power of expertise”

      March 29, 2023

      Machbase Releases Open Source Structured Time Series Database “Macbase Neo”

      March 28, 2023

      KISA, 2023 ‘Training to Build Elite Information Security Professionals’…”Double the Size of the Previous Year”

      March 28, 2023
    • Podcast

      Insight into the podcast industry and why Times24H will attack this field

      November 14, 2020
    Media Outreach Newswire
    TIMES24H – International Breaking NewsTIMES24H – International Breaking News
    Home»Gadgets»Nubank to launch ‘Nucoin’ cryptocurrency in Brazil next year
    Gadgets

    Nubank to launch ‘Nucoin’ cryptocurrency in Brazil next year

    Mike HarrisonBy Mike HarrisonOctober 19, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Nubank, a digital banking company in Brazil, will become the next major financial institution to move into digital assets with the launch of its own cryptocurrency in the country next year.

    On Wednesday, October 19, the company announced that the launch of Nucoin tokens will take place in the first half of 2023. A new report via CNBC describes Nucoin as “a new way to recognize customer loyalty and encourage engagement with Nubank products.”

    Nubank has said that token holders are eligible for special prizes and other benefits.

    For Fernando Czapski, general manager for Nucoin at Nubank, the initiative represents another step forward in the company’s belief in the revolutionary potential of blockchain technology and to democratize it even more.

    Related story: CryptoWatch: Google Accelerates With Cryptocurrency, HYVE To Let Freelancers Earn Coins

    Brazil’s New Cryptocurrency

    To help guide Nucoin’s creation and ensure it adheres to established principles in blockchain projects, Nubank announced that it will invite 2,000 customers to participate in a discussion group. The idea is to study a decentralized method of product development, typical of Web3, rather than relying solely on user input.

    The Polygon network, a so-called “Layer 2” protocol, made the cryptocurrency possible. According to CNBC, the stated goal is to reduce transaction costs and processing times on the Ethereum blockchain, which have been major drawbacks for the platform in the past. Polygon claims that its platform can handle thousands of transactions per second.

    The Trend “Companies Entering the Crypto Market”

    With regard to financial institutions, Nubank is not the pioneer in creating its own cryptocurrency. The token released by JPMorgan is called JPMCoin and is known as “stablecoins” with a value of exactly $1 each. But other than that, the value of Nucoin varies with supply and demand, just like the prices of cryptocurrencies such as Bitcoin and Ether.

    Nubank’s new venture is following similar steps from other financial and payment institutions entering the cryptocurrency sector.

    Crypto Secure, introduced by Mastercard in October, is designed to help card issuers prevent fraud related to crypto assets. PayPal and Robinhood are just two examples of companies that enable crypto trading. Similarly, Goldman Sachs, a major bank on Wall Street, has its own dedicated crypto trading desk.

    The Downside of the Increasing Number of Newly Launched Tokens

    For cryptocurrencies, the new token offering comes at the wrong time. Many digital currencies, including the largest, Bitcoin, have lost nearly half of their value since early 2022. Some are calling the current drop a “crypto winter.”

    Since then, regulators have become increasingly suspicious of digital currencies and the potential harm they cause to consumers. These push governments in the United States, the European Union and others to develop frameworks to regulate the sector.

    Background

    Based on CNBC’s report, Nubank introduced a purple free credit card in Sao Paulo, Brazil in 2013. The said city is known for its high-fee, low-tech banking system. After nine years, the company had 70 million Brazilian, Mexican and Colombian users.

    Last year, Warren Buffett invested in Nubank. In June 2021, Berkshire Hathaway also invested $500 million. Its stock valuation was $20.4 billion, worth half at launch in December 2021.

    Nubank previously traded Bitcoin and Ether on its Nucripto platform. A month after its debut, this Paxos-powered exchange reached 1 million customers.

    Related story: Google-Coinbase deal to let cloud users pay with crypto; Start date and other details

    This article is owned by Tech Times

    Written by Trisha Kae Andrada

    ⓒ 2022 TECHTIMES.com All rights reserved. Do not reproduce without permission.

    .

    TechTimes

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    “Stupid windman” PC assembly experience based on Newegg ChatGPT

    March 29, 2023

    The value of the industrial cloud as an example of “the power of ecosystem, the power of expertise”

    March 29, 2023

    Machbase Releases Open Source Structured Time Series Database “Macbase Neo”

    March 28, 2023

    Leave A Reply Cancel Reply

    Latest News

    Police identify two among eight dead trying to enter US from Canada

    April 2, 2023

    Twitter makes some of its source code public, promises more

    April 1, 2023

    Son of Vietnam’s dancesport queen wins world title

    April 1, 2023

    Queen of all beauty queens to visit Vietnam

    April 1, 2023
    DMCA.com Protection Status
    Facebook Twitter Instagram Pinterest
    © 2023 TIMES24H. Regn. No. 0316487598. All rights reserved

    Type above and press Enter to search. Press Esc to cancel.