Brazilian digital monetary institution Nubank has announced the instantaneous suspension of trading for its native cryptocurrency, Nucoin. This formally ends operations for the token launched in March 2023.
Nubank told its possibilities on Tuesday that the acquisition and sale of Nucoin would be completely halted within 15 days. The monetary institution cited capacity market volatility because the motive of the sudden suspension.
Conversion choices for Nucoin holders
In step with the principle points shared by the native news media outlet, Nubank is offering a conversion probability for possibilities maintaining as a minimum 100 Brazilian reais rate of Nucoins.
These users can resolve to rework their holdings to either Bitcoin or USDC. The conversion window shall be begin for 90 days, until December ninth.
“To defend you and all participants from capacity volatility available in the market mark of Nucoins consequently of capacity reactions to this update, we have chosen to hunch your trading with out lengthen,” Nubank said in an email to its possibilities.
The monetary institution said that the holders who don’t convert their tokens will scrutinize their Nucoin ragged for the monetary institution’s revamped rewards program.
Nucoin’s blockchain explorer hit half one thousand million transactions
Nucoin’s blockchain explorer has hit half one thousand million transactions since its originate. Nonetheless, despite these decent numbers, Nubank has made its decision to switch some distance from crypto trading.
The monetary institution said that though-provoking forward, Nucoins shall be exclusively ragged for redeeming benefits within Nubank’s ecosystem. These benefits may embody reductions on the monetary institution’s looking platform and gather entry to to queer model experiences.
To reduce the affect of the discontinuation, Nubank has announced a prize marketing and marketing campaign for its 16 million Nucoin holders. The promotion involves 30 monthly prizes of 1,000 Brazilian reais, a monthly prize of 100,000 reais, and prize of 1 million reais on the selling and marketing campaign’s conclusion.
Nubank had collaborated with Polygon aid in 2022. This used to be for the originate of Nucoin and its loyalty program. The overall manager of Nucoin said at that time that Nucoin is one other step in their belief in the capacity of blockchain technology.
Nubank is doubtless one of the most perfect digital banking platforms, which is backed by investors esteem Warren Buffett’s Berkshire Hathaway.
