Nubank halts Nucoin trading, to permanently cease in 15 days.
Holders can convert Nucoin to Bitcoin or USDC until December 9.
Unconverted Nucoins remain usable in Nubank’s rewards system.
New raffle offers major prizes for Nucoin holders, including R$1 million.
Nubank Phases Out Nucoin Trading
Nubank, Latin America’s largest digital bank, is making a significant change by discontinuing operations with its cryptocurrency, Nucoin. Introduced in March 2023, the bank’s digital token was designed to provide customers with exclusive benefits and engage them in the evolving crypto space. However, as of September 10, 2024, trading of Nucoin has been suspended, and all transactions involving the token will permanently cease in 15 days.
Customers holding Nucoins have been given a clear path for conversion. Anyone with at least R$100 worth of Nucoin can exchange it for Bitcoin or USDC, a stablecoin tied to the U.S. dollar, up until December 9, 2024. For users who choose not to convert their Nucoins, the digital currency will still have utility within Nubank’s ecosystem, but in a much more limited capacity.
Rewards Program Restructuring
Although Nucoin trading is coming to an end, the token will remain valuable for customers through Nubank’s rewards program. The bank is repositioning Nucoin as a way for users to unlock exclusive offers, including discounts on the Nu Shopping platform and access to various branded experiences.
In an effort to make the transition more exciting, Nubank has introduced a raffle for its 16 million Nucoin holders. Prizes include a grand reward of R$1 million, along with a monthly draw where users can win R$1,000. This is an innovative way for the bank to keep users engaged with the platform, even as the trading feature for Nucoin disappears.
By offering tangible rewards and benefits within their ecosystem, Nubank hopes to retain customer loyalty and encourage users to continue using Nucoin in non-trading capacities.
