TechFlow News, September 11 — Nubank, Latin America's largest digital bank, officially announced the discontinuation of its self-issued cryptocurrency, Nucoin. According to Nubank’s official statement, trading of Nucoin was immediately suspended as of the announcement date (September 11), and will now only be usable for redeeming benefits within Nubank's product ecosystem. This marks the formal end of the cryptocurrency project launched in March 2023.
Nubank stated that this adjustment is based on customer feedback. The bank found that benefits offered within the Nubank ecosystem were among the most valued rewards for customers. To protect participants’ interests and prevent potential fluctuations in Nucoin’s value due to this change, Nubank decided to suspend trading immediately. On September 10, the company had already communicated the plan details and next steps to all Nucoin holders via email and in-app messages.
For existing Nucoin holders, Nubank offers the following options:
- Customers holding Nucoin worth at least 100 Brazilian reais can exchange it for Bitcoin or USDC.
- Users may apply to manually unfreeze their locked Nucoin without waiting for the original unlocking schedule.
- The deadline for exchanges is December 9, 2024 (90 days from the announcement date).
- Nucoin not acted upon by the deadline will be retained for future reward programs.
