- Nubank will permanently halt the trading services of its native cryptocurrency, Nucoin.
- The bank cites potential market volatility to halt the purchase and sale of the token.
- Customers can redeem tokens for a range of benefits and perks as part of a reward “reformulation” program.
Brazilian neobank Nubank has made the decision to halt trading services for its native cryptocurrency, Nucoin. The platform announced that buying and selling the token will be permanently suspended within 15 days.
Market Volatility Prompts Suspension
Nubank launched the free Nucoin token in March 2023, hinting at future expansion beyond the bank’s ecosystem. In this recent move, Nubank cited potential market volatility as the reason for the immediate suspension. The statement explained,
“To protect you and all participants from possible volatility in the market value of Nucoins due to potential reactions to this update, we have chosen to suspend your trading immediately.”
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Option to Convert to Bitcoin/USDC
Customers holding at least 100 Brazilian reais worth of Nucoins have the option to convert their holdings to either Bitcoin or USDC. The conversion window will remain open for 90 days, until December 9, 2024. If customers don’t choose an option by the deadline, their tokens will be held for possible future use in the rewards program.
During the launch of Nucoin’s blockchain explorer in January 2024, the bank revealed that the token has surpassed 500 million transactions. However, the bank has announced the end of the coin, citing market volatility and as a part of a reward “reformulation” program.
Under the revamped program, tokens can be redeemed for a range of benefits and perks, including discounts at Shopping do Nu, exclusive access to brand experiences, and other offers provided by the bank. The bank will use the program’s communication channels to provide updates on new benefits.
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