The Brazilian fintech startup, which serves over 40 million users in Latin America, has announced the launch of its Nubank token. The token will be represented on the Ethereum blockchain and will be available for trading on cryptocurrency exchanges.

According to Nubank, the token will be used to increase user loyalty and provide them with new opportunities. It will also be used to reward users for their activity on the platform. Nubank has become the first bank in Latin America to issue its own token. The company plans to use the token to expand its services and increase its customer base.

The Nubank app offers several options for using the tokens:

• Freeze coins and receive rewards for staking.

• Exchange tokens for lottery tickets. A prize draw with prizes worth up to 1 million Brazilian reals is currently taking place.

• Exchange Nucoin for cash with other bank customers (this option will be available later).

• Receive new coins through cashback programs.

Recently, Nubank also launched its own payment system, which allows users to make instant payments and money transfers. The company has also expanded its services, including credit cards and money transfers to other countries.

The issuance of its own token is another step for Nubank towards strengthening its position in the financial services market in Latin America. The company continues to invest in new technologies and develop its services to meet the needs of its users and attract new customers.