Nubank Halts Operations with Its Own Token

On September 10, Brazil’s largest neobank, Nubank, announced the immediate suspension of trading its own token, Nucoin. This was reported by Portal do Bitcoin.

The company will completely cease all operations with the asset, launched a year and a half ago, within 15 days.

“To protect all participants from potential volatility in Nucoin’s market price due to possible reactions to this update, we decided to immediately suspend trading,” explained Nubank.

Token holders with a minimum of 100 reais (~$17.6) will be able to convert their coins into Bitcoin or the stablecoin USDC until December 9.

Going forward, Nubank intends to use Nucoin exclusively for user reward and incentive programs.

The bank announced the token’s launch in partnership with Polygon in October 2022, with the digital currency being introduced in March 2023.

Earlier, Brazil remained in the top 10 of Chainalysis’s global cryptocurrency adoption ranking for 2024, alongside Ukraine and Russia.