© Reuters.
Investing.com – Warren Buffett is famous for a lot of positive things, but in the cryptocurrency world he is best known as the one who described the as “rat death squared,” and repeatedly expressed his deep aversion to cryptocurrencies, which according to him are worthless.
So crypto enthusiasts are sure to point out the irony that Nubank, known on the stock exchange as Nu Holdings Ltd (NYSE:), a Brazilian online bank in which Buffett has invested $500 million, announced yesterday that it will launch its own cryptocurrency next year.
Nubank indeed indicated on Wednesday that it would launch a crypto called Nucoin in the first half of 2023. In a press release, the company presented Nucoin as “a new way to recognize customer loyalty and encourage their commitment to Nubank products”. Holding the token will also entitle you to discount offers and other benefits.
“The project is another step forward in our belief in the transformative potential of blockchain technology and to democratize it even further, going beyond buying, selling and servicing cryptocurrencies in the app. Nu,” said Fernando Czapski, managing director of Nucoin at Nubank, in a statement.
In a preliminary phase, Nubank will invite 2,000 customers to participate in a focus group to guide the development of Nucoin, “adhering to common practices for blockchain projects”.
“In this phase, more than feedback, the proposal is to explore a decentralized product creation process, characteristic of Web3,” the company said.
When asked if Nubank had sought regulatory clearance in Brazil for the creation of its cryptocurrency, the company replied that it “constantly evaluates the regulatory framework as an important part of our product development process.”
Recall that Nubank, went public at the end of last year, after Buffett’s company, Berkshire Hathaway, took a $500 million stake in June 2021. The company is valued at $20.4 billion. dollars.
Finally, note that this is not the first foray into the cryptocurrency market for Nubank. Indeed, it has already launched a platform called Nucripto, which allows the exchange of cryptocurrencies.