- Nucoin trading ends; users can convert to Bitcoin or USDC by December 9th, 2024.
- Nucoin shifts from tradable currency to rewards in Nubank’s ecosystem with exclusive benefits.
- Nubank offers prizes to 16M Nucoin holders, including a grand prize of R$1 million.
Nubank, the largest digital bank in Latin America, has immediately terminated trading for its own cryptocurrency, Nucoin. This decision marks a shift in the bank’s approach to its digital currency operations, initially launched in March 2023.
The termination of Nucoin trading is effective immediately, with all related cryptocurrency transactions scheduled to be permanently suspended within the next 15 days.
Nubank has provided its customers with a clear path forward following this decision. Customers who hold at least R$100 in Nucoins will be able to convert their holdings into either Bitcoin or USDC, a stablecoin pegged to the US dollar.
This conversion option will be available for up to 90 days, ending on December 9th. After this deadline, if no action is taken, the Nucoins will be retained within the customer’s account and could potentially be used for future benefits under Nubank’s revamped rewards program.
The digital bank paused Nucoin trading due to worries about possible market ups and downs. In an email to customers, Nubank said this step was taken to protect users from any negative effects that could affect the value of Nucoins.
By halting trading immediately, the bank aims to mitigate any negative financial effects that could arise from this decision.
As part of its broader restructuring efforts, Nubank has outlined plans to integrate Nucoin into its rewards program in a new capacity. Going forward, Nucoins will no longer be traded as a cryptocurrency but will be used to redeem various benefits within Nubank’s ecosystem.
These benefits include discounts at Shopping do Nu, access to exclusive brand experiences, and other incentives yet to be detailed.
Nubank has announced prizes for its 16 million Nucoin holders to help with the transition. The prizes include 30 monthly rewards of R$1,000, a monthly prize of R$100,000, and a grand prize of R$1 million at the end of the campaign.
The company has promised that more details will be shared through official communication channels soon.
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