Nubank Discontinues Nucoin Trading as Latam Fintech Giant Restructures Strategy

Nubank, a leading neobank in Latam, announced it will end trading of its nucoin cryptocurrency to repurpose it for an internal rewards program.

Users have until December 9 to exchange nucoin for Bitcoin or USDC if they hold over 100 reais ($17.64); otherwise, they can retain their coins for future benefits from the revamped rewards system.

The move, aimed at mitigating market volatility, will redirect nucoin’s use toward redeeming various benefits, including discounts and exclusive offers. Nubank introduced nucoin in March 2023, initially as part of a cashback program, and it has since seen significant transaction volume.

Clever Robot News Desk 14^th September 2024