Nubank suspends the sale of its cryptocurrency after seeing its value soar over 1,000%. The asset is a bank loyalty cryptocurrency, given as a reward for card purchases, and gives the customer the right to discounts on products and services.
Trading of Nubank’s cryptocurrency Nucoin was suspended on Saturday afternoon after an unusual spike in the token’s price. In the last month, the crypto asset accumulated an increase of more than 1,000%, with reports that the digital currency reached 0.24 Brazilian reals on Saturday, the peak of the rally.
“Due to high demand, the Nu app had a brief instability restricted to the Nucoin area, which has since been resolved. Customers who joined the program can now access the area normally,”
Nubank responded.
Despite the bank’s official position, this media tried to simulate the purchase of Nucoins in the Nubank application at 12:05 (Brasília time) and found the message “An error has occurred. The information could not be loaded. Please try again”, which prevented even checking the token price.
According to the fintech’s press office, the problems that are still registered on the platform only reflect a delay in the update, which should be resolved soon. On the Reclame Aqui website, there are several recent complaints from customers who are unable to purchase Nucoins. A user reports incurring a loss after several Nucoin buy and sell orders were canceled.
Nucoin is Nubank’s loyalty cryptocurrency, which is given as a reward to customers for purchases made with fintech cards and entitles them to discounts on products and services. The digital currency was created on the Polygon blockchain.
Regarding the unusual valuation, the digital bank did not give any explanation, stating that Nucoin’s focus is to be a loyalty program through blockchain technology and tokenization. “Nucoin, like other digital assets, is subject to price variations depending on the volume traded by customers. Nubank does not determine the price of Nucoin,” the fintech responded.
