German cryptobank Nuri will stop activities in November

German cryptobank Nuri will stop activities in November

Nuri (previously Bitwala) with a focus on cryptocurrencies, based in Germany, will begin to liquidate after an unsuccessful attempt to attract funding.

Nuri is closing down Its Business Operations. We ASK OUR Customers to Withdraw Their Funds and Assets as 18.12.2022. Thank you for Having Been Part of the Nuri Community! 💜

Her IS A Letter of OUR CEO Kristina Walcker-Mayer: https: // t.Co/gdooookds

– Nuri (@nuribanking) October 18, 2022

500 thousand customers used to withdraw funds to be withdrawn funds until December 18.

Digital asset trading will be available until November 30. All customer funds are safe.

Startup filed an application with the bankruptcy court on August 10. The decision was explained by macroeconomic challenges, cooling of capital markets and the collapse of Terra, Celsius and Three Arrows Capital cryptosym.

“Due to the strict economic and political situation, we could not find the buyer or attract funds. In addition, the insolvency of one of our main business partners has significantly worsened the situation. “, Cryptobank CEO Kristina Mayer specified.

Nuri offered digital assets in partnership with Solarisbank. The latter took out the processing of fiat payments and storage of cryptocurrencies due to the availability of appropriate licenses. Thanks to the Alliance, Fintech Startap clients will not face problems characteristic of a number of companies like Voyager Digital.

Recall that Kaiko analysts allowed the bankruptcy of some cryptocurrency exchanges due to the negative market conditions, reducing client activity and problems of a number of industry participants.

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