- Nubank will completely discontinue buying and selling providers for its native cryptocurrency, Nucoin.
- The financial institution suspended buying and selling of the tokens resulting from potential market volatility.
- Prospects will have the ability to alternate the tokens for a variety of rewards and perks as a part of the rewards “realignment” program..
Brazilian neobank Nubank has determined to halt buying and selling providers for the nation's cryptocurrency Nucoin. The platform introduced that purchasing and promoting of the token will likely be completely suspended inside 15 days.
Buying and selling halted resulting from market volatility
Nubank launched the free NuCoin token in March 2023, hinting at future enlargement past the banking ecosystem. On this newest transfer, Nubank cited potential market volatility as the rationale for the quick suspension. The assertion defined:
“In an effort to defend you and all contributors from potential fluctuations available in the market worth of Nucoins resulting from potential reactions to this replace, we’ve chosen to right away droop your buying and selling.”
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Choices to transform Bitcoin to USDC
Prospects who maintain at the very least 100 Brazilian Reals price of Nucoin may have the choice to transform their holdings to Bitcoin or USDC, with a 90-day conversion interval till December 9, 2024. If they don’t choose the choice by the deadline, their tokens will likely be held to be used in future rewards applications.
When Nucoin's blockchain explorer was launched in January 2024, the financial institution revealed that the token had seen over 500 million transactions. Nonetheless, the financial institution introduced the shutdown of the coin as a part of a rewards “reorganization” program, citing market volatility.
Underneath the revamped program, the tokens will be redeemed for a variety of rewards, together with reductions at Buying de Nou, unique entry to model experiences and different perks supplied by the financial institution. The financial institution will use this system's communication channels to supply updates on the brand new rewards.
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