Nubank, one of the biggest neobanks in Latan, announced on Tuesday that it would terminate the trading of its nucoin cryptocurrency as it turns to use it as part of an internal rewards and benefits program for its clients. Users will have the choice of exchanging it for bitcoin or stablecoins before December 9.
Latam's Fintech Giant Nubank Ends Nucoin Trading
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Nubank Ends Nucoin Trading, States It Will Repurpose It for a Rewards System
Nubank, one of Latam’s largest neobanks, has announced it will terminate the trading of nucoin, its in-house cryptocurrency. The institution, which announced it had reached over 100 million customers in May, communicated this movement was part of a reformulation of its internal rewards system in an email sent to its customers.
The email explains the bank will terminate trading in 15 days, and holders will be given two choices with this update. They can trade their nucoin for bitcoin or USDC, a dollar pegged stablecoin, until December 9 only if they have over 100 reais ($17.64) worth of the currency. Holders with less than that, or those who don’t complete the exchange before the deadline can keep these coins to collect reformulated rewards program’s future benefits.
On the closing of nucoin operations, the bank stated:
To protect you and all participants from potential volatility in the market value of Nucoins due to potential reactions to this update, we have chosen to suspend your trading immediately.
Now, Nubank states that nucoin will be used exclusively to “redeem benefits in a variety of products and activities offered by Nubank, such as discounts at Nu Shopping, advantages to access brand experiences, and much more.” The institution disclosed that it would award prizes to some of the 16 million nucoin holders.
The institution debuted cryptocurrency operations in 2022 and launched Nucoin in March 2023 as an airdrop for its customers to use as part of a cashback program. By January, nucoin had already registered over half a billion transactions.
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