Nubank announced the ending of its operations with its native cryptocurrency, Nucoin. The platform informed its customers that Nucoin purchases and sales would be permanently suspended within 15 days. Nubank pointed out that the rash decision was taken considering potential market volatility.
Conversion of Nucoins
According to a news source, the largest digital bank in Latin America has stopped trading its cryptocurrency, Nucoin, from Tuesday. Members can convert their holdings, even with a minimum of R$100, into either Bitcoin (BTC) or USDC. The conversion window will be open for 90 days, that is, until December 9, 2024.
In an email to its customers, the bank stated that the rash decision was taken to protect the members from potential market volatility. Additionally, the digital bank informed that if their customers do not change their tokens at the earliest, those Nucoins will be used for the bank’s revamped rewards program.
Nubank Prize Campaign
The bank asserted that Nucoins will be used to redeem benefits within Nubank’s ecosystem in the future. These benefits will help customers gain discounts on the bank’s shopping platform and also give them access to brand experiences. Further, Nubank has announced a prize campaign for its holders to minimize the impact of its termination with Nucoin. The prize campaign includes around 30 monthly prizes of 1,000 Brazilian reais, a monthly prize of 1L reais, and a grand prize of 1 million reais.
Circle and Nubank Join Forces to Boost USDC Reach in Brazil’s Digital Banking SectorInception of Nucoin
Nubank developed and released Nucoin in the Polygon Network in March 2023 to its customers through a massive airdrop. At the time of its launch, Nubank had a strong customer base of 70 million users, of which 2 million were engaged in crypto activities. At the time of press, Nucoin was trading at $0.015 with a 24-hour trading volume of $0.24.
