Nubank will permanently halt the trading services of its native cryptocurrency, Nucoin.
The bank cites potential market volatility to halt the purchase and sale of the token.
Customers can redeem tokens for a range of benefits and perks as part of a reward “reformulation” program.
Brazilian neobank Nubank has made the decision to halt trading services for its native cryptocurrency, Nucoin. The platform announced that buying and selling the token will be permanently suspended within 15 days.
Market Volatility Prompts Suspension
Nubank launched the free Nucoin token in March 2023, hinting at future expansion beyond the bank’s ecosystem. In this recent move, Nubank cited potential market volatility as the reason for the immediate suspension. The statement explained,
“To protect you and all participants from possible volatility in the market value of Nucoins due to potential reactions to this update, we have chosen to suspend your trading immediately.”
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Option to Convert to Bitcoin/USDC
Customers holding at least 100 Brazilian reais worth of Nucoins have…
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