Currencies32919
Market Cap$ 2.62T-4.54%
24h Spot Volume$ 129.71B+149.1%
DominanceBTC59.37%+0.45%ETH7.16%-5.17%
ETH Gas2.04 Gwei
Cryptorank
MainNewsNubank to di...

Nubank to discontinue Nucoin, allows conversion to Bitcoin or USDC


Sep, 11, 2024
2 min read
by CryptoPolitan
Nubank to discontinue Nucoin, allows conversion to Bitcoin or USDC

Brazilian digital bank Nubank has announced the immediate suspension of trading for its native cryptocurrency, Nucoin. This officially ends operations for the token launched in March 2023.

Nubank informed its customers on Tuesday that the purchase and sale of Nucoin would be permanently halted within 15 days. The bank cited potential market volatility as the reason for the sudden suspension.

Conversion options for Nucoin holders

According to the details shared by the local news media outlet, Nubank is offering a conversion option for customers holding at least 100 Brazilian reais worth of Nucoins.

These users can choose to convert their holdings to either Bitcoin or USDC. The conversion window will be open for 90 days, until December 9th.

“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,” Nubank stated in an email to its customers.

The bank stated that the holders who don’t convert their tokens will see their Nucoin used for the bank’s revamped rewards program.

Nucoin’s blockchain explorer hit half a billion transactions

Nucoin’s blockchain explorer has hit half a billion transactions since its launch. However, despite those decent numbers, Nubank has made its decision to move away from crypto trading.

The bank stated that moving forward, Nucoins will be exclusively used for redeeming benefits within Nubank’s ecosystem. These benefits may include discounts at the bank’s shopping platform and access to exclusive brand experiences.

To minimize the impact of the discontinuation, Nubank has announced a prize campaign for its 16 million Nucoin holders. The promotion 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 campaign’s conclusion.

Nubank had collaborated with Polygon back in 2022. This was for the launch of Nucoin and its loyalty program. The general manager of Nucoin stated at that time that Nucoin is another step in their belief in the potential of blockchain technology.

Nubank is one of the largest digital banking platforms, which is backed by investors like Warren Buffett’s Berkshire Hathaway.

Read the article at CryptoPolitan

Read More

The 50X Hyperliquid whale is back with new leveraged long on Ethereum (ETH)

The 50X Hyperliquid whale is back with new leveraged long on Ethereum (ETH)

A well-known whale that shorted Ethereum (ETH) on Hyperliquid is now returning with a...
Apr, 07, 2025
3 min read
by CryptoPolitan
Bitcoin ETFs Record $172 Million in Weekly Outflows after a Two-Week Inflow Streak

Bitcoin ETFs Record $172 Million in Weekly Outflows after a Two-Week Inflow Streak

A notable shift in investor sentiment has led to $172.89 million in net outflows from...
Apr, 07, 2025
4 min read
by Cryptonews
MainNewsNubank to di...

Nubank to discontinue Nucoin, allows conversion to Bitcoin or USDC


Sep, 11, 2024
2 min read
by CryptoPolitan
Nubank to discontinue Nucoin, allows conversion to Bitcoin or USDC

Brazilian digital bank Nubank has announced the immediate suspension of trading for its native cryptocurrency, Nucoin. This officially ends operations for the token launched in March 2023.

Nubank informed its customers on Tuesday that the purchase and sale of Nucoin would be permanently halted within 15 days. The bank cited potential market volatility as the reason for the sudden suspension.

Conversion options for Nucoin holders

According to the details shared by the local news media outlet, Nubank is offering a conversion option for customers holding at least 100 Brazilian reais worth of Nucoins.

These users can choose to convert their holdings to either Bitcoin or USDC. The conversion window will be open for 90 days, until December 9th.

“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,” Nubank stated in an email to its customers.

The bank stated that the holders who don’t convert their tokens will see their Nucoin used for the bank’s revamped rewards program.

Nucoin’s blockchain explorer hit half a billion transactions

Nucoin’s blockchain explorer has hit half a billion transactions since its launch. However, despite those decent numbers, Nubank has made its decision to move away from crypto trading.

The bank stated that moving forward, Nucoins will be exclusively used for redeeming benefits within Nubank’s ecosystem. These benefits may include discounts at the bank’s shopping platform and access to exclusive brand experiences.

To minimize the impact of the discontinuation, Nubank has announced a prize campaign for its 16 million Nucoin holders. The promotion 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 campaign’s conclusion.

Nubank had collaborated with Polygon back in 2022. This was for the launch of Nucoin and its loyalty program. The general manager of Nucoin stated at that time that Nucoin is another step in their belief in the potential of blockchain technology.

Nubank is one of the largest digital banking platforms, which is backed by investors like Warren Buffett’s Berkshire Hathaway.

Read the article at CryptoPolitan

Read More

The 50X Hyperliquid whale is back with new leveraged long on Ethereum (ETH)

The 50X Hyperliquid whale is back with new leveraged long on Ethereum (ETH)

A well-known whale that shorted Ethereum (ETH) on Hyperliquid is now returning with a...
Apr, 07, 2025
3 min read
by CryptoPolitan
Bitcoin ETFs Record $172 Million in Weekly Outflows after a Two-Week Inflow Streak

Bitcoin ETFs Record $172 Million in Weekly Outflows after a Two-Week Inflow Streak

A notable shift in investor sentiment has led to $172.89 million in net outflows from...
Apr, 07, 2025
4 min read
by Cryptonews