Nubank has announced that trading in Nucoin, its in-house cryptocurrency, will be discontinued.
This comes around a year after the launch of Nucoin at the end of 2022. The decision is mainly due to increasing regulatory requirements in Brazil and high operating costs.
Nucoin was designed as a rewards program where customers could earn points for using Nubank services, which they could convert into discounts and offers or trade.
Brazilian legislation regulating cryptocurrencies, passed at the end of 2022, has resulted in companies like Nubank having to comply with stricter licenses and regulations.
These regulations, combined with the challenges of sustaining Nucoin's growth, have forced Nubank to end Nucoin's operations.
Users will be able to convert their remaining Nucoins into cash in the coming months before the blockchain shuts down on December 9, 2024.
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https://cryptotvplus.com/2024/09/nubank-halts-nucoin-trading-over-costs-and-regulations/
