- Nubank will completely cease the buying and selling companies of its native cryptocurrency Nucoin.
- The financial institution cites potential market volatility to cease shopping for and promoting of the token.
- Prospects can trade tokens for a variety of advantages and perks as a part of the Rewards “Reformulation” program.
Brazilian neo-bank Nubank has determined to cease buying and selling companies for its native cryptocurrency Nucoin. The platform introduced that the acquisition and sale of the token shall be completely suspended inside 15 days.
Market volatility prompts pause
Nubank launched a free Nucoin token in March 2023, hinting at future enlargement past the financial institution's ecosystem. On this current transfer, Nubank cited potential market volatility as the rationale for the rapid suspension. The assertion defined,
“To guard you and all individuals from potential volatility within the nucoin market worth because of potential reactions to this replace, we now have determined to droop your buying and selling instantly.”
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Choice to convert to Bitcoin/USDC
Prospects who personal a minimum of 100 BRL price of nucoins have the choice to transform their holdings to both Bitcoin or USDC. The conversion window will stay open for 90 days, till December 9, 2024. If prospects don’t select any possibility by the deadline, their tokens shall be held for potential future use within the rewards program.
Throughout the launch of blockchain explorer Nucoin in January 2024, the financial institution revealed that the token had surpassed 500 million transactions. Nonetheless, the financial institution introduced the top of the coin, citing market volatility and as a part of a reward “reformulation” program.
As a part of the revamped program, tokens may be redeemed for a variety of perks and advantages, together with reductions in Buying do Nu, unique entry to model experiences and different gives offered by the financial institution. The financial institution will inform about new advantages by means of this system's communication channels.
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