- Nubank halted Nucoin trading, effective immediately, with full suspension set for 15 days.
- Users have 90 days to convert Nucoin to Bitcoin or USDC.
- Nucoin will now be used exclusively for redeeming benefits in Nubank’s rewards program.
Nubank has halted trading of its cryptocurrency, Nucoin, as of Tuesday, September 10. The company has announced that the purchase and sale of Nucoin will permanently end in 15 days, marking the conclusion of all cryptocurrency operations related to Nucoin, which launched in March 2023.
Protecting Customers from Market Volatility
In a message to customers, Nubank emphasized that this decision aims to shield users from potential market fluctuations. According to the company, suspending trading helps to avoid significant shifts in Nucoin’s value following this update.
Customers holding at least R$100 in Nucoins have until December 9 to convert their funds into Bitcoin or USDC, a stablecoin pegged to the U.S. dollar.
Future Rewards for Nucoin Holders
For customers who choose not to convert their Nucoins within the 90-day period, Nubank will retain the cryptocurrency for future benefits tied to its revamped rewards program.
Earlier this year, Nubank disclosed that Nucoin had surpassed half a billion transactions with the introduction of its blockchain explorer. The termination of Nucoin trading is part of a broader effort to restructure the bank’s rewards system.
Nucoin’s New Role in Nubank’s Ecosystem
Under the new program, Nucoin will be exclusively used to redeem benefits from Nubank’s range of products and services. These include discounts at Shopping do Nu and other perks linked to brand experiences. Nubank has assured users that more details will be provided through its communication channels in the coming weeks.
Exciting Rewards for Loyal Customers
As part of this restructuring process, Nubank will distribute prizes to its 16 million Nucoin holders. There are 30 prizes worth R$1,000 each month, one prize of R$100,000 monthly, and a grand prize of R$1 million at the end of the campaign.
Nubank’s choice to stop Nucoin trading is an important step in its continuous work to improve and revamp its rewards program.
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