<strong>Nubank Partners With Polygon, Aptos Tokenomics Debate, Nuri Shuts Down</strong>

Nubank Partners With Polygon

Nubank, a Brazilian neobank, announced that they are launching a cryptocurrency token called Nucoin. They are launching the token on the Polygon blockchain, which will be available in 2023. The company plans to use the token as an essential part of its rewards program. 

"This project is another step ahead in our belief in the transformative potential of blockchain technology. And to democratize it going beyond the purchase, sale, and maintenance of cryptocurrencies in the Nu app,” said Fernando Czapski, General Manager for Nucoin.

In Latin America, Nubank has more than 70 million customers. It intends to utilize its new tokens to reward client involvement and loyalty with the bank's offerings. The tokens may be exchanged for benefits and special prices on particular items.

Aptos Tokenomics Debate

Aptos, a layer one blockchain funded by FTX Ventures, Binance Labs, Coinbase Ventures, and A16z, amongst others, launched a token this week. However, their token launch did not go smoothly. Firstly, cryptocurrency users complained about the very slow transaction per second (TPS) rate. And secondly, the user complained that the company did not disclose the project's tokenomics to the public beforehand.

“It's not great that FTX/Binance are all listing Aptos without any tokenomics transparency at all. Surely, it should be a prerequisite to listing something that users can have the basic information on what they're buying lol,” commented Cobie, a cryptocurrency podcaster.   

Mo Shaikh, the co-founder of Aptos tweeted that "It's exciting to finally bring Aptos to mainnet." He also acknowledged that the process could have gone much better. In addition, he explained that the low TPS number should increase with more activity.

Nuri Shuts Down

Nuri, a German crypto bank, has asked customers to withdraw their funds by the 18th of December so that the “business can be terminated and liquidated.” Nuri filed for insolvency in August, citing the crypto winter and economic downturn.

“During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past three months and tried to find a potential acquirer to continue our story. Unfortunately, we have not been able to find investors,” Chief Executive Officer Kristina Walcker-Mayer said in a blog post.