Nucoin Will Be Discontinued As Holders Given Option To Convert To BTC Or USDC

Brazilian digital bank Nubank has declared an immediate halt to trading of its native cryptocurrency, Nucoin, effectively ending its operations. The token, which launched in March 2023, will no longer be available for purchase or sale within the next 15 days due to concerns over potential market volatility.

Recently, the Brazilian Securities and Exchange Commission granted the green light for the first spot Solana ETF, a milestone managed by QR and Vortx, with a launch anticipated within the next 90 days. QR, a firm experienced in managing Bitcoin and Ethereum ETFs, will play a key role in overseeing the ETF and all corresponding operations, in partnership with Vortx. The collaboration is crucial as it will enable both parties to mutually benefit while simultaneously ensuring that the ETF functions smoothly.

Exchanging For Other Crypto

Nubank has provided a conversion option for those holding at least 100 Brazilian reais in Nucoins. These customers can choose to exchange their holdings for either BTC or USDC, with the conversion period open until December 9th.

In an email to its customers, Nubank explained that the immediate suspension aims to safeguard users and all participants in terms of potential market fluctuations triggered by this update. For those who do not convert their tokens, Nucoins will be repurposed for the updated rewards program being provided by the bank.

A Difficult Decision

Despite the Nucoin blockchain explorer reaching half a billion transactions, Nubank has decided to discontinue its crypto trading activities. Moving forward, Nucoins will solely be used for redeeming benefits within the Nubank ecosystem, such as discounts on its shopping platform and exclusive brand experiences.

To ease the transition, Nubank is launching a prize campaign for its 16 million Nucoin holders. This includes 30 monthly prizes of 1,000 Brazilian reais, a monthly prize of 100,000 reais, and a grand prize of 1 million reais at the end of the campaign.

Nubank, a major digital banking platform supported by investors like Berkshire Hathaway, previously collaborated with Polygon in 2022 for the launch of Nucoin and its associated loyalty program. At that time, the general manager of Nucoin highlighted their commitment to blockchain technology.