Nubank has stopped selling its own cryptocurrency, Nucoin, as of September 10. This is a big change. The token’s value dropped by more than 97% last year, which led to this choice.
Nucoin was released on the Polygon blockchain on October 19, 2022. It was Nubank’s first step into the cryptocurrency world. The bank had to stop dealing, though, because the market was too unstable. By December 9, customers who hold at least 10 reals in Nucoins (NUC) can choose to exchange them for Bitcoin or the stablecoin USDC. If you don’t change your tokens by this date, Nubank will keep them and use them in their rewards program in the future.
In its message to customers, Nubank made it clear that the trade halt was meant to protect against possible market changes caused by recent events.
Bitcoin’s value has dropped a lot since April 22, when it reached a high point of $0.59. Its last recorded value was $0.0158. Nubank’s first step into the cryptocurrency world was a relationship with Paxos in May 2022. This partnership let users buy, sell, and keep cryptocurrencies.
Even though trade has stopped, Nubank has grown in other ways. In July, the bank said it had 100 million customers in Brazil, Mexico, and Colombia. Along with Nucoin, it accepted 14 other cryptocurrencies.
In similar news, Argentina is using cryptocurrencies more because of its high inflation rate. This trend shows a bigger change in how money is handled in Latin America, which is being caused by new fintech technologies even though regulators are still having trouble with them.
