Nubank suspends trading of its native token, offering users the option to convert holdings to Bitcoin or USDC by Dec. 9.
Nubank, one of Latin America’s largest crypto banks and backed by Warren Buffet’s Berkshire Hathaway, announced on Sept. 10 the immediate suspension of trading for Nucoin, its native cryptocurrency. The token’s price has dropped over 97% over the last year.
Nubank announced the creation of the Nucoin token on the Polygon blockchain on Oct. 19, 2022.
Almost two years after the announcement, the bank closed its trading. The bank has given customers who have at least 10 reals ( in Nucoins (NUC) the option to convert them to Bitcoin or stablecoin USDC by Dec. 9.
As Cointelegraph Brazil reported, if a user does not proceed with the conversion, the cryptocurrencies will be kept for accumulation and “future benefit from the rewards program”.
“To protect you and all participants from potential volatility in the market value of Nucoins due to potential reactions to this update, we have chosen to suspend your trading immediately,” Nubank said in an email to customers, according to the media report.
According to CoinMarketCap data, Nucoin’s last traded price was $0.0158. The token has dropped over 97% over the last year. On April 22, it traded at its all-time high of $0.59.
