• Nubank suspends buying and selling of Nucoin to guard customers from market volatility.
• Nucoin tokens might be redeemed for Bitcoin or USDC till December ninth.
• The transfer was prompted by monetary issues, together with rising unhealthy loans.

In a stunning growth, Nubank, a outstanding Brazilian fintech firm, has introduced that it’ll droop buying and selling of its cryptocurrency, Nucoin, efficient instantly.

The choice, introduced in a weblog put up on Sept. 10, is aimed toward defending customers from potential market volatility associated to digital property.

Nucoin will not be tradeable after the redemption deadline.

Nubank, identified for its revolutionary digital banking providers, launched Nucoin on the Polygon blockchain in late 2022, following a partnership between Nubank and Polygon. The cryptocurrency was a part of a rewards program designed to supply numerous advantages to prospects, together with reductions and unique presents.

Nevertheless, presently, all buying and selling exercise associated to Nucoin throughout the Nubank app has been suspended, together with the suspension of each purchases and gross sales of tokens.

Anybody at the moment holding at the least 1,745 Nucoin nonetheless has the chance to redeem their tokens for Bitcoin or USD Coin (USDC) till December ninth.

After this deadline, Nucoins will not be out there for buying and selling, however can nonetheless be used to entry in-app rewards and merchandise.

The transfer displays Nubank's shift in focus from lively buying and selling to sustaining a steady consumer expertise inside its platform.

Considerations over Nubank's monetary stability

The sudden change in coverage comes amid rising issues about Nubank's monetary stability, after a current investigation highlighted rising unhealthy loans within the financial institution's portfolio, reaching ranges above the business norm.

Nubank's shares have soared greater than 60% this 12 months, however analysts have expressed concern that the financial institution's shares could also be overvalued.

Whereas the precise cause for Nucoin's sudden halt is unclear, it’s clear that Nubank is trying to mitigate additional monetary dangers and stabilize its operations amid a tricky financial atmosphere.