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Nubank Suspends Trading Of Nucoin Amid Significant Price Drop

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According to Cointelegraph, Nubank, one of Latin America's largest crypto banks backed by Warren Buffet's Berkshire Hathaway, announced on September 10 the immediate suspension of trading for its native cryptocurrency, Nucoin. The token has experienced a significant price drop of over 97% in the past year. Nubank initially launched the Nucoin token on the Polygon blockchain on October 19, 2022. Nearly two years later, the bank has decided to halt its trading activities. Customers holding at least 10 reals in Nucoins (NUC) have the option to convert them to Bitcoin or the stablecoin USDC by December 9. If users do not proceed with the conversion, the cryptocurrencies will be retained for accumulation and potential future benefits from the rewards program. Nubank communicated to its customers via email that the suspension aims to protect participants from potential market volatility due to reactions to this update. CoinMarketCap data indicates that Nucoin's last traded price was $0.0158, a steep decline from its all-time high of $0.59 on April 22. Nubank's cryptocurrency services began in May 2022, with the bank allocating 1% of its net assets to Bitcoin. In partnership with Paxos, Nubank enabled its customers to buy, sell, and store cryptocurrencies directly through its platform. As of July this year, Nubank reported having 100 million customers across Brazil, Mexico, and Colombia, offering 14 cryptocurrencies in addition to Nucoin. In a related context, Argentina has seen significant cryptocurrency adoption amid a 276% annual inflation rate, according to analysts from Forbes. A July 9 report highlighted that 2.5 million out of 130 million visitors to the largest global exchanges were from Argentina. During a panel session at the Web Summit Qatar on February 27, Juan Pablo Ortega, co-founder and CEO of online payment platform Yuno, noted a profound distrust towards banks in Argentina, leading locals to store cash physically and make large purchases with cash. Ortega observed a financial inclusion revolution driven by fintech firms in Latin America, Asia, and parts of Africa. He emphasized that regulatory amendments and efforts from companies and fintechs are essential for rebuilding consumer trust and achieving true financial inclusion.

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