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Nubank has announced that it will permanently stop trading its native cryptocurrency Nucoin.
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The bank cites possible market volatility as a reason to stop the purchase and sales of the token.
- As part of the “reformulation” reward program, customers can redeem tokens to receive a variety of benefits and perks Facebook or Telegram
Brazilian neobank Nubank announced that it will stop trading its native cryptocurrency Nucoin. The platform announced the suspension of buying and selling tokens within 15 days.
Market Volatility Leads to Suspension
Nubank launched Nucoin, a free token, in March 2023. This was a hint at the future expansion of the bank’s ecosystem beyond its ecosystem. Nubank’s recent decision to suspend trading was based on the potential volatility of the market. The statement explained.
“To protect all participants and you from possible volatility in Nucoins market value due to potential reactions, we have chosen suspend your trading immediately.”
Read more: Tether stops new USDT minting on EOS and Algorand citing Community Focus
Convert to Bitcoin/USDC
Nucoins worth at least 100 Brazilian Reis can be converted to Bitcoin or USDC. The conversion window will remain available for 90 days until December 9, 2024. If the customer does not choose an option before the deadline, the tokens will be kept for future use.
The bank revealed, during the launch of Nucoin’s blockchain explorer on January 2024 that the token had exceeded 500 million transactions. The bank announced that the coin would be discontinued, citing the volatility of the market and a “reformulation program” for rewards.
Under the new program, tokens may be redeemed to receive a variety of benefits, including discounts on Shopping do Nu, exclusive brand experiences, or other offers from the bank. The bank will update the program’s channels of communication with new benefits.
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