hold or not - Nubank Digital Currency Has Now Stopped Supporting Transactions

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News Nubank Digital Currency Has Now Stopped Supporting Transactions 9 mins ago - Around 2 mins mins to read

Key Points:

Nubank has announced the immediate termination of its digital currency, Nucoin.

Customers holding Nubank digital currency have a 90-day window to convert their holdings to Bitcoin or USDC.

Nubank reportedly announced, effective immediately, the shutdown of the digital currency Nucoin as early as this past Tuesday, September 10.

Read more: Nubank Bitcoin Lightning Network Will Be Integrated For Its 100 Million Customers

Nubank Digital Currency Kucoin Trading Suspended

With the view of avoiding possible market volatility, Nubank has stopped trading all Nucoins. The move marked the end of Nubank digital currency operations, just over a year since its creation in March 2023.

Customers holding at least R$100 in Nucoins will have a 90-day window within which they can convert the balance to Bitcoin or USDC. Failure to do this within that time, the Nucoins held will be withheld for rewards in the future.

Nubank Considers Overhaul of Rewards Program

Nubank called the action a “reformulation” of its rewards program. While winding down the Nubank digital currency, the bank plans to continue working on enhancements to its rewards program by adding new features and benefits such as discounts in their shopping mall, exclusive experiences, and advantages related to several Nubank products.

Such benefits will only be redeemable through the Nubank digital currency. In addition, part of the restructuring of Nubank’s operation will involve prizes to the 16 million users of the rewards program.

Although the actual reasons for Nubank’s cancellation of Nucoin are not known, speculations suggest that the recent migration of Polygon, an Ethereum Layer 2 blockchain network, might be a reason. The migration took place last week, which may affect Nucoin’s technical and infrastructural support.

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Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Nubank Digital Currency Has Now Stopped Supporting Transactions - Coincu