Nubank will launch the cryptocurrency in the first half of next year.

Nubank, a top fintech bank in Latin America, has announced that it will soon launch its cryptocurrency in Brazil by next year. The financial institution stated that the cryptocurrency dubbed Nucoin will roll out in the first half of 2023. 

According to a press release published by CNBC, Nubank described Nucoin as an instrument it intends to use to recognize customers’ loyalty, thus, increasing their engagement with the bank’s products and services, the announcement adds. 

Commenting on the development, Fernando Czapski, General Manager for Nucoin at Nubank, said: 

“The project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it, even more, going beyond the purchase, sale, and maintenance of cryptocurrencies in the Nu app.” 

Nubank’s cryptocurrency is being developed by multiple parties, including some customers from the bank. Per the announcement, 2,000 customers from the bank will be invited to participate in a forum that is essentially created for the development of Nucoin. 

Nubank noted that its upcoming cryptocurrency would comply with existing anti-money laundering practices.

Nucoin is built on Polygon, a layer-2 scaling Ethereum scaling solution. The cryptocurrency’s value will be determined by the forces of demand and supply, just like other top crypto assets, including Bitcoin, Ethereum, and Matic.

Banks Foray Into the Crypto Space

The announcement marks the latest entrance of traditional financial institutions into the cryptocurrency industry. The development is not the first time a bank will launch a digital currency. In 2020, American multinational bank JPMorgan Chase launched its stablecoin dubbed JPMCoin.

Aside from launching cryptocurrencies, several traditional financial institutions are heavily linked to the world of cryptos. 

While banks are trooping into the crypto sector, global regulators are still skeptical about the emerging assets as they continue establishing policies that will safeguard the existing financial system.

Based on regulators’ scrutiny of crypto offerings, CNBC asked a spokesperson for Nubank whether the bank had received regulatory clearance before developing Nucoin. 

“… we constantly evaluate the regulatory framework as an important part of our product development process,” a spokesperson for Nubank told CNBC. 

Nubank’s Dominance in Latin America

Launched in 2013, Nubank is a fintech bank headquartered in São Paulo, Brazil. As of last year, Nubank has a total of 6,068 employees hired to serve over 70 million customers in Brazil, Mexico, and Colombia. 

Some of Nubank’s investors include Warren Buffett’s Berkshire Hathaway, which invested $500 million in the bank. Nubank is currently valued at $20.4 billion in the stock market. 

Aptos (APT) dominates social trend tables despite its bumpy start.

FTX-backed project Aptos saw a not-so-welcoming atmosphere following the launch of its token APT. Due to growing security concerns surrounding its airdrop and a subsequent price dip, the community has not favorably received the advent of the asset. 

Notwithstanding, it appears there is a silver lining to the rising inauspicious sentiments, as Aptos is currently experiencing a massive rise in social dominance, highlighted by Lunar Crush – a crypto social intelligence provider.

“Aptos came out of nowhere and is trending hard.” Lunar Crush remarked in a tweet on Wednesday.

Details show a tremendous increase in Apto’s social activity in less than 24 hours. Data from the Lunar Crush dashboard reveals over 9K contributors in Aptos’ social activity, indicating a 30,503% increase in the past 24 hours.

Additionally, social mentions of Aptos within the crypto community have surged by a whopping 121,650% in the past 24 hours to a value of 131.49K as of press time. Furthermore, Aptos social engagements have hit a massive value of 271.45M. Aptos’ Galaxy Score on the Lunar Crush platform has also increased by 7% in the past 24 hours, as the asset rises to a score of 43/100.

Aptos is trending on Twitter in the business and finance category with 219K tweets.

Since Aptos’ surging social dominance is not an automatic indication of a positive outlook on the asset, it will likely bring the token more mainstream attention and increase investor interest.

Amidst the growing concerns within the Aptos ecosystem, The Crypto Basic recently reported shocking data involving the asset. A new mysterious batch of Aptos tokens was recently minted across multiple chains, including Binance Smart Chain and Ethereum.

In addition to previous reports of selloffs prompted by the sudden release of huge Airdrop to early adopters, this has likely contributed to Aptos’ current trend.

A fresh mysterious batch of Aptos (APT) tokens have been recently minted across multiple chains, including ETH and BSC.

The team behind the Aptos project has not witnessed the envisioned reception from the crypto community following the launch of the Aptos (APT) token. The advent of the token has been riddled with a massive epidemic of FUD influenced by worrisome factors surrounding the launch and the airdrop.

These concerns have led to selloffs that have negatively impacted the price of the asset. Nevertheless, it appears the FUD is far from reaching its terminus, as a recent occurrence has precipitated new concerns relating to the project.

It appears an unidentified entity has created a batch of numerous APT tokens across several chains, as detected and reported by blockchain security firm Peck Shield. The chains that have so far welcomed this new batch of APT include Binance Smart Chain (BSC), Ethereum (ETH), Arbitrum (ARB) and Fantom (FTM); with BSC and ETH seeing the majority of tokens.

“#PeckShieldAlert PeckShield has detected a batch of #APTOS #APT are newly created on multichains e.g. Ethereum and BSC,” Peck Shield disclosed in a tweet Wednesday, reporting the development.

#PeckShieldAlert PeckShield has detected a batch of #APTOS #APT are newly created on multichains e.g. Ethereum and BSC, most of them do not have trading pairs yet
0xa4ceacd24ac61cc9bd434710cdb7a9cb078e9eed appears to be #honeypot
The $APT on FTX has dropped -33% #Airdrop pic.twitter.com/WxqeZupt5U

— PeckShieldAlert (@PeckShieldAlert) October 19, 2022

Furthermore, it was also revealed that the majority of the newly-created APT tokens do not have trading pairs yet at the time of reporting. Additionally, one of the tokens’ contract 0xa4ceacd24ac61cc9bd434710cdb7a9cb078e9eed appears to be a honeypot. This should intensify the sense of vigilance already felt among proponents.

Considering the recent storm of scams ravaging the crypto community, and the lack of security awareness from the Aptos team, these newly-created tokens have been summarily tagged by many as part of a broader scam stratagem from unscrupulous individuals.

The existence of a honeypot amongst the contracts further confirms this assertion. A honeypot is a smart contract with more than one vulnerability used by bad actors to lure victims into losing their funds. 

The originator exposes one vulnerability which lures the arbitrary user (victim) into putting their funds to exploit the exposed vulnerability. The funds are subsequently locked and milked through other vulnerabilities the victim remained oblivious of.

The information from Peck Shield’s recent report has contributed to another wave of uncertainty amongst APT holders. Several proponents, replying to the Peck Shield tweet, have advised the community to short the asset as they envision a likely crash.

Notwithstanding, all these are indeed speculations at this time, and the fate of APT remains unknown amidst these unpropitious conditions. Peck Shield highlighted that the asset had already shed 33% of its value at the time of the report.

Recall that the asset came off to a challenging start following its launch. The Crypto Basic recently shared insight on the possible causes of the project’s woes which include a lack of proper security awareness regarding its airdrop, as the team launched an airdrop without provisions of a Sybil attack protection.

As a consequence, several users resorted to selloffs the minute they could trade off their holdings. A user previously sold over 189K APT, causing a massive negative impact on the asset. In addition to this, the chain appears to be delivering less than promised, as the community witnesses a discouraging average of 4 TPS, as opposed to the expected 100K TPS.