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.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。