Nubank Suspends Trading of Nucoin, Offers Conversion Options

Brazilian digital bank Nubank has announced the immediate suspension of trading for its native cryptocurrency, Nucoin.

This decision, effective in about two weeks, marks the end of operations for the token, which was launched in March 2023. Nubank cited concerns related to potential market volatility as the reason for this abrupt move.

Customers holding Nucoin worth at least 100 Brazilian reais are being offered the option to convert their holdings into Bitcoin (BTC) or USD Coin (USDC). This conversion window will remain open for 90 days, closing on December 9.

For those who do not convert their tokens, Nubank will redirect Nucoin into its revamped rewards program. This program will offer benefits such as discounts and exclusive experiences within the Nubank ecosystem.

READ MORE:

Here’s Why September is Historically The Worst Month for Bitcoin

To ease the transition for its 16 million Nucoin holders, Nubank has launched a rewards campaign that includes monthly prizes and a major prize pool totaling 1 million reais.

Kosta Gushterov