.Brazilian electronic financial institution Nubank has actually introduced the urgent suspension of investing for its own native cryptocurrency, Nucoin. This officially ends procedures for the token released in March 2023.Nubank informed its customers on Tuesday that the investment and purchase of Nucoin would certainly be actually entirely halted within 15 times. The bank presented prospective market dryness as the reason for the abrupt suspension.Conversion possibilities for Nucoin owners.Depending on to the details shared by the nearby news media electrical outlet, Nubank is giving a conversion option for customers holding at least 100 Brazilian reais well worth of Nucoins.These customers can easily select to convert their holdings to either Bitcoin or USDC. The conversion home window will definitely be open for 90 times, until December 9th." To shield you and all participants coming from possible volatility in the marketplace value of Nucoins due to prospective reactions to this update, our team have actually selected to suspend your exchanging quickly," Nubank specified in an e-mail to its customers.The bank mentioned that the owners who don't change their souvenirs are going to see their Nucoin utilized for the bank's spruced up perks system.Nucoin's blockchain explorer struck half a billion deals.Nucoin's blockchain explorer has actually hit half a billion deals due to the fact that its launch. However, even with those suitable numbers, Nubank has actually made its own decision to relocate far from crypto exchanging.The bank explained that moving forward, Nucoins are going to be solely utilized for redeeming perks within Nubank's ecological community. These perks might include savings at the financial institution's shopping platform and also access to unique brand take ins.To decrease the effect of the discontinuation, Nubank has announced an award advocate its 16 thousand Nucoin owners. The advertising consists of 30 monthly rewards of 1,000 Brazilian reais, a monthly prize of 100,000 reais, as well as a splendid reward of 1 million reais at the initiative's conclusion.Nubank had actually collaborated with Polygon back in 2022. This was for the launch of Nucoin and also its own loyalty plan. The basic manager of Nucoin mentioned back then that Nucoin is one more intervene their idea in the potential of blockchain innovation.Nubank is among the biggest electronic financial platforms, which is backed through real estate investors like Warren Buffett's Berkshire Hathaway.