In March 2023, a digital monetary companies platform in Latin America (LatAm), Nubank, launched its free, native crypto token, Nucoin. Nevertheless, a yr and a half later, the neobank has introduced that purchasing and promoting the crypto asset will not be attainable on its app.
Initially introduced in late 2022, Nucoin was created as a loyalty programme for consumer engagement. Prospects might earn tokens by interacting with the Nubank app in a sure method (utilizing bank cards or app transactions for instance).They may then freeze their Nucoins to degree up within the programme to unlock additional advantages such as coinback rewards and lottery tickets. Alternatively, they might commerce Nucoins between different prospects for money.
To allow Nucoin’s availability, Nubank joined forces with Polygon Labs, the event and development workforce for the decentralised Polygon protocol. Nubank leveraged Polygon’s know-how and technical assist for the evolution and growth of its cryptocurrency.
Suspending the digital asset
Trading has already been suspended as Nubank reveals its plan for its token to cease additional value fluctuations. From now on, customers will solely be capable to trade Nucoins for advantages and merchandise throughout the app. These vary from reductions at Nubank Shopping to benefits in experiences promoted by Nu.
Customers who’ve a minimum of R$100 in Nucoins can redeem their tokens for Bitcoin or USDC till 9 December 2024. They may also have the chance to take part in raffles whose prizes can attain R$1million. Nucoin holders can have the chance
Frozen Nucoins might be withdrawn, offering customers have a minimum of 1,745 tokens in whole (together with frozen and out there property). Ought to customers achieve this nevertheless, they are going to lose any beforehand acquired advantages from the programme. For customers with lower than 1,745 Nucoins, Nubank has knowledgeable that it will allow them to unfreeze any frozen property sooner or later.
In keeping with CoinLore, Nucoin’s worth has dropped from its official launch in 2023 from $0.4227 to $0.015 in September 2024.
