German crypto bank Nuri to wind down operations in November

The Germany-based fintech startup Nuri (formerly Bitwala), focused on cryptocurrencies, will begin winding up at the end of November after an unsuccessful attempt to raise financing.

Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community! 💜

Here is a letter of our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs

— Nuri (@NuriBanking) October 18, 2022

The 500,000 customers using Nuri were advised to withdraw funds by 18 December.

Trading of digital assets will be available until 30 November. All customer funds are safe.

Startup filed for bankruptcy with the court on August 10. The decision was attributed to macroeconomic challenges, a cooling of capital markets, and the crypto-zombie triggered by the collapses of Terra, Celsius and Three Arrows Capital.

“Due to the harsh economic and political climate, we were unable to find a buyer or raise funds. In addition, the insolvency of one of our major business partners significantly worsened the situation,” — said Kristina Mayer, CEO of the crypto bank.

Nuri offered digital assets in partnership with Solarisbank. The latter outsourced fiat payments processing and custody of cryptocurrencies thanks to the necessary licenses. Thanks to the alliance, the fintech startup’s clients will not face issues typical of a number of firms such as Voyager Digital.

Earlier, Kaiko analysts допустили банкротство некоторых криптовалютных бирж due to negative market conditions, shrinking client activity, and problems among industry participants.

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