THE Nowbank announced this Tuesday (10) the suspension of sales of its own cryptocurrency, Nucoin. According to the digital bank, which has more than 100 million customers in Latin America, the program is being reformulated.
Announced in March 2023 by NubankNucoin followed a tiered loyalty plan. All digital bank customers could earn a few units of the currency for free with a simple registration.
However, the real gain for those who joined the system was in collecting more Nucoins, reaching, for example, level 7. So for every R$ 1.00 spent on purchases with the bank’s credit or debit card, customers earned 1 Nucoin.
“Thank you to the 16 million customers who joined the program,” Nubank said in announcing the suspension of the purchase and sale of Nucoin, its native cryptocurrency.
In an email sent to the 16 million customers who own Nucoin, Nubank stated that the purchase and sale of its own cryptocurrency has been suspendedIn addition, the purchase and sale will be definitively concluded within 15 days, the bank states in the e-mail to which the bank is addressing Live Coins access has been granted.
“We have some important news to share: the Nucoin program is being reformulated to offer even more benefits and ways to use your Nucoins“, Nubank said in an email sent to program customers.
“As part of this change, Nucoin’s buying and selling functionality will be permanently closed in 15 days. In order to protect you and all participants from potential volatility in Nucoin’s market value as a result of potential reactions to this update, we have chosen to suspend your trading immediately.”
The bank further stated that the Customers who have significant amounts can request to lift the freeze on the amounts for reimbursement. This way you don’t have to wait for the original defrost period.
In another part of the statement it is stated There is an exchange option in Bitcoin or USDC for customers who have a minimum of R$100.00 in NucoinsAnyone interested has until 12/09/2024 at the latest to exchange Nucoins for other cryptocurrencies.
Finally the customers who want to keep their bank’s cryptocurrencies They can still keep their balance and exchange it for other benefits from the bank.
“If you wish, you can retain your current balance in Nucoins or part of it for the next phase, with new ways to earn and redeem benefits for benefits on Nubank products and experiences, such as discounts on Shopping do Nu, benefits for access to Nubank’s immersive experiences, our brand and much more. More information about the new benefits will be provided through the program’s communication channels.
With these new options, we reinforce our commitment to always looking for the best experiences for our customers, by offering more flexibility and usage options for their Nucoins.”
Customers complain about suspension of service on Reclame Aqui: “where are my nucoins?”
There are already reports of dissatisfied customers with the end of the program on the Nubank page on Reclame Aqui. When determining the Live Coinssome Nucoin investors are reporting that they have lost access to funds and are expressing their dissatisfaction, such as one titled “NUCOIN – Where is my money?“.
Despite the flood that began to circulate among investorsthe digital bank has not yet responded to questions. Still, it shows that the end of the solution is already causing controversy.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
