March 29, 2023

How does Noquin work? Nubank’s digital currency will give 1 million Brazilian reals

Nubank’s new digital currency is already among us. The financial institution at the end of last year announced the creation of Nucoin, which will be part of the cryptocurrency market. Now, the novelty has arrived among customers who promise to serve the entire user base of the bank in Brazil. Is this correct?

Read more: Is it a lottery? Nubank will hold an unmissable raffle draw of R$1 million for customers

At the moment, the coin is being distributed gradually, but those who already have access will be able to participate in the launch that will give the customer $1 million by Draw prize To be held on July 15 this year.

See throughout the text what is known so far about the much talked about Nucoin.

According to information from the company, this is Nubank’s digital currency that will be part of the rewards rack aimed at customers, meaning that those who collect the currency will receive benefits. We are talking here about discounts and many other benefits.

The company intends to soon allow customers to buy and sell Nucoins in the app.

Understand Noquen

Fintech further explains that the coin is classified as a token. In the digital world, this is equivalent to items in the real world, such as commodities, contracts, or rights, that is, anyone who has this asset in their wallet will be able to access the benefits.

It also works on the basis of a Rewards program.

Another important point is that the currency is created from technology blockchain, which is also responsible for cryptocurrency. This system acts as a kind of database, where digital assets can be transacted without the need for an intermediary, from anywhere in the world and in a transparent manner.

The bank also states that Nucoin is built using a Proof of Authority (PoA) system, where transactions are verified by people of trust. This system is similar to the Proof-of-Work (PoW) system used by Bitcoin, but requires less energy to validate transactions, providing a more environmentally sustainable activity.

Who can access Nubank’s digital currencies?

Since this is a recent release, only customers of digital banks can obtain Nucoin, which can be accumulated using credit cards and crypto assets to be manipulated. People who have just signed up for the app will have access to it and will automatically get 50 Nucoins.

They will win a lucky number to participate in the draw of one million riyals.

Soon, the function of buying and selling digital currency will be launched. According to Nubank, the ability to trade with the token may become available during the first half of this year. The company also intends to allow the transfer of Nucoin between people and the conversion of the currency into riyals or Digital currencies.

How do you participate in the draw?

With the promotion to promote the launch of Nucoin, the bank launched a sweepstakes. In all, 10,000 R$ will be distributed among 20 prizes, as well as one million R$ prize. To participate, customers must freeze 50 Nocoins until July 8th to compete for values. The operation can be done in the application, in the “Nucoin” area.