Brazil’s Nubank Suspends Trading of its Cryptocurrency Nucoin

Fintech bank Nubank has announced the suspension of trading for its cryptocurrency, Nucoin. This comes against a backdrop of scrutiny over the bank’s financial stability. In a September 10 blog post, Nubank disclosed that effective immediately, Nucoin can no longer be bought or sold within its app. The cryptocurrency was launched in late 2022 on the Polygon blockchain as part of a reward program designed to provide users with various perks. The bank added that customers will retain the option to redeem their Nucoins for Bitcoin or digital dollars (USDC) until December 9, 2024. Nubank will also hold raffles with prizes up to R$1 million.

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