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- Nubank will completely halt the buying and selling providers of its native cryptocurrency, Nucoin.
- The financial institution cites potential market volatility to halt the acquisition and sale of the token.
- Prospects can redeem tokens for a spread of advantages and perks as a part of a reward “reformulation” program.
Brazilian neobank Nubank has made the choice to halt buying and selling providers for its native cryptocurrency, Nucoin. The platform introduced that purchasing and promoting the token will probably be completely suspended inside 15 days.
Market Volatility Prompts Suspension
Nubank launched the free Nucoin token in March 2023, hinting at future growth past the financial institution’s ecosystem. On this latest transfer, Nubank cited potential market volatility as the explanation for the speedy suspension. The assertion defined,
“To guard you and all individuals from attainable volatility available in the market worth of Nucoins resulting from potential reactions to this replace, now we have chosen to droop your buying and selling instantly.”
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Choice to Convert to Bitcoin/USDC
Prospects holding at the very least 100 Brazilian reais value of Nucoins have the choice to transform their holdings to both Bitcoin or USDC. The conversion window will stay open for 90 days, till December 9, 2024. If prospects don’t select an choice by the deadline, their tokens will probably be held for attainable future use within the rewards program.
Throughout the launch of Nucoin’s blockchain explorer in January 2024, the financial institution revealed that the token has surpassed 500 million transactions. Nevertheless, the financial institution has introduced the tip of the coin, citing market volatility and as part of a reward “reformulation” program.
Below the revamped program, tokens will be redeemed for a spread of advantages and perks, together with reductions at Buying do Nu, unique entry to model experiences, and different presents supplied by the financial institution. The financial institution will use this system’s communication channels to supply updates on new advantages.
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