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Read more: Nubank Bitcoin Lightning Network Will Be Integrated For Its 100 Million Customers
With the view of avoiding possible market volatility, Nubank has stopped trading all Nucoins. The move marked the end of Nubank digital currency operations, just over a year since its creation in March 2023.
Customers holding at least R$100 in Nucoins will have a 90-day window within which they can convert the balance to Bitcoin or USDC. Failure to do this within that time, the Nucoins held will be withheld for rewards in the future.
Nubank called the action a “reformulation” of its rewards program. While winding down the Nubank digital currency, the bank plans to continue working on enhancements to its rewards program by adding new features and benefits such as discounts in their shopping mall, exclusive experiences, and advantages related to several Nubank products.
Such benefits will only be redeemable through the Nubank digital currency. In addition, part of the restructuring of Nubank’s operation will involve prizes to the 16 million users of the rewards program.
Although the actual reasons for Nubank’s cancellation of Nucoin are not known, speculations suggest that the recent migration of Polygon, an Ethereum Layer 2 blockchain network, might be a reason. The migration took place last week, which may affect Nucoin’s technical and infrastructural support.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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