Warren Buffett-backed Nubank, a Brazilian unicorn, has hired former Meta Crypto Chief David Marcus. According to Criptofacil magazine, Marcus will join the digital bank's board.

Brazil is a pioneering nation when it comes to digital payments. Recently, they unveiled a customer loyalty program using Nucoin tokens.

Local reports state customers will have four ways to earn coins: receiving airdrops, engaging with the bank, cashback and raffle tickets.

David Marcus Leaving Diem

Nubank stands out among Brazil's many fintech players as one of its standout players. Claiming to be the country's leading digital lender, Nubank offers an extensive range of banking and payments products as well as an expansive customer base across Brazil and beyond. Though the company has been around for some time, its crypto offerings have really thrust it into the spotlight. The most recent and significant indication of its crypto-friendly status is the announcement that it is launching Nucoin, a proof-of-work (PoW) token backed by part of China's growing digital cash reserves. Furthermore, they have taken advantage of this opportunity to recruit an impressive array of crypto experts; over the past two months alone they have added numerous top notch talent to their ranks.

David Marcus Launches Lightspark

David Marcus, former Head of Crypto and Digital Finance at Meta (fka Facebook), has announced the launch of Lightspark. This company seeks to utilize Bitcoin and the Lightning Network for payments. Marcus will lead this venture along with some of Meta's former employees.

This new firm, founded by a16z Crypto, Paradigm, Coatue, Matrix Partners and Zeev Ventures and headquartered in Los Angeles, California, seeks to extend the uses of Bitcoin through the Lightning Network.

Marcus has extensive expertise in cryptocurrency, having launched both Diem, a stablecoin project, and Facebook's Messenger app. After leaving both ventures to found Lightspark in November 2017, he plans on continuing his success with Lightspark.

He is currently the CEO of Lightspark, a company dedicated to building technical infrastructure for the Lightning Network. This protocol built upon top of Bitcoin allows for cheaper and faster transactions than its base level blockchain counterpart.

Many in the cryptocurrency space are paying close attention to cloud Lightning technology. Companies such as Blockstream and Strike have already started working on it; Voltage also provides cloud Lightning nodes.

David Marcus is undoubtedly the most renowned name in crypto. As former PayPal President and leader of Meta crypto projects, David recently launched Diem stablecoin. As an experienced tech leader with a proven record for taking on challenges and succeeding, Marcus can be counted on to create success wherever life takes him.

Marcus remains firm in his belief that cryptos are the future of payments. He founded Lightspark to take advantage of these capabilities, adding that he is "exploring new ways to use Bitcoin and the Lightning Network as a central payment tool."

According to The Block, the company plans on creating backend infrastructure for businesses, developers, and merchants wanting to use the lightning network. Furthermore, they will contribute towards developing the Lightning Protocol - a new layer on top of bitcoin's network which enables smaller and less expensive transactions.

Lightspark differs from previous efforts by not building its own tokenized platform. Instead, the company will focus on building technical infrastructure for the Lightning Network - a protocol designed to expedite transactions.

Funding for A16z Crypto and Paradigm has been led by a16z Crypto, with participation from Coatue, Matrix Partners, and Zeev Ventures. The team includes several former Meta employees but the exact list of executives remains unknown.

Marcus served as the head of Facebook's payments and crypto operations, having founded several crypto startups. Additionally, he served as president of PayPal where he spearheaded the Novi wallet, an initial coin offering (ICO), and various mobile applications.

Though what Marcus will accomplish at Nubank remains uncertain, the Brazilian fintech titan boasts 75 million customers across Brazil, Mexico and Colombia. Its most recent quarter saw growth across all metrics as well as an impressive boost to profits. Furthermore, Nubank boasts an annualized ROE of 35% which ranks among the highest rates within its industry - and plans to keep adding customers.

David Marcus Joins Nubank

Nubank: Brazil's Digital Unicorn Hires Former Meta Crypto Chief David Marcus

Brazil's top digital bank recently announced the hiring of former Meta crypto chief David Marcus to its Board of Directors. With decades of experience in financial services and technology, David Marcus has held leadership roles at Meta Platforms and PayPal among others.

David brings with him an impressive entrepreneurial background and will play a pivotal role in Nubank's expansion across multiple countries, products, and segments, according to the company. According to their press release, David will serve on their board for two years.

Nubank recently reported record revenue and earnings, with its annualized return on equity (ROE) among the highest in its industry. As a result, Nubank now serves over 75 million customers across Brazil, Mexico and Colombia with its growing suite of financial products and services. Its latest financial results showed record-high revenues and earnings last quarter.

As a pioneering fintech firm, it was built upon principles of customer-centricity and transparency that have helped it become one of the country's most beloved financial institutions with an impressive +87 NPS rating. As such, other Latin American firms are looking to emulate its model.

Based in a vibrant office building in Sao Paulo's bohemian neighborhood, this bank is more tech startup than traditional financial institution. Here, employees don the newest fashions, play video games and utilize cutting-edge technology to keep track of customers' transactions.

Nubank has formed a partnership with Goldman Sachs, Wall Street's largest investment banking arm, to finance their credit lines for clients. This alliance was sparked by entrepreneurs in Latin America who saw potential in online banking and were delighted that Goldman had agreed to be part of it.

Nubank and its users have struck an unusual partnership, yet it has proved fruitful in every respect. By drawing upon its expertise in lending to small and medium-sized businesses, the bank was able to offer credit cards at lower interest rates than many other banks do.

As a result, the firm has blossomed into an immense success, boasting more than 8.5 million customers in Brazil and a valuation of $3.6 billion. It has also begun expanding into other Latin American markets such as Mexico and Argentina.

The venture has also attracted major investors, such as Chinese tech giant Tencent Holdings Ltd. which invested $180 million into the startup.

Marcus' new role at Nubank will involve overseeing all cryptocurrency initiatives and the bank's expansion into other Latin American countries. Additionally, he'll collaborate with the company's wider team on product development that will continue to fuel its growth.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.