Bitcoin

Read

Polygon

Coin

Brazilian Nubank has abruptly halted trading of its Nucoin cryptocurrency, citing a need to protect users from potential market volatility.
Digital fintech Nubank is closing its cryptocurrency, suspending immediately all trading within its app.
In a Sept. 10 <a href="https://blog.nubank.com.br/nucoin-programa-recompensa/" target="_blank" rel="noopener noreferrer nofollow">blog post</a>, Nubank said it has decided to cease its purchase and sale of its cryptocurrency to “prevent market volatility,” adding that those holding at least 1,745 Nucoins can be redeemed the token for Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) or USD Coin (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a>) until Dec. 9. Those who do not redeem their tokens by this deadline will still be able to use them for various in-app benefits.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “From now on, the ability to buy and sell Nucoins within the app will no longer be available. Trading has been suspended, and Nucoins will only be used for redeeming benefits and products within the app.”
 Nubank
</blockquote>
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/warren-buffet-mastercard-visa-stocks-invest-1b-bitcoin-nubank/"> Warren Buffet ditches Mastercard and Visa stocks to invest $1b in Bitcoin-enabled Nubank </a>
Nucoin was launched on Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noopener noreferrer nofollow">POL</a>) in late 2022 as part of a reward program intended to offer customers various perks, including discounts and special benefits.
While the exact reason behind the move remains unclear, the sudden policy shift comes amid increasing scrutiny over Nubank’s financial health, with concerns about rising non-performing loans and asset quality. According to Bloomberg, the bank’s portfolio of troubled loans has reached levels “above industry norms,” and while its stock has surged by over 60% this year, some analysts consider it “overvalued,” per a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-05/as-nubank-soars-to-no-1-in-latin-america-its-bad-loans-pile-up" target="_blank" rel="noopener noreferrer nofollow">report</a>.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/nubank-adds-support-for-bitcoin-lightning-network-transactions/"> Nubank adds support for Bitcoin Lightning Network transactions </a>

Latin America’s Nubank sunsets trading of its Nucoin crypto

crypto.news

Other articles published on Sep 11, 2024

2024 Budget: NITDA is handling 6 questionable projects worth ₦216.5M

Ethereum Name Service (ENS) Price Soars After PayPal, Venmo News, What’s Next?

Ethereum ‘Bullposter’ Faces Backlash, Buterin Shows Support

Ex Mt.Gox CEO Launches EllipX, Promises Full Transparency in New Crypto Exchange

FBI Finds Crypto Fraud Losses Hit $5.6B in 2023, Up 45% from 2022

Movement Labs targets 1-second L2 finality by end of 2024: Co-founder

Join our free newsletter for daily crypto updates!