German Crypto Exchange Nuri Files for Insolvency
Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year for startups in the industry. Customer access to the platform’s services and their funds will not be affected, the company assured. Crypto Exchange Cites ‘Lasting Strain on Liquidity’ as Reason for Insolvency Filing Berlin-based crypto exchange Nuri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. The company made the move on Tuesday, Aug. 9, after unsuccessful attempts to secure a new financing....
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German cryptocurrency-focused bank Nuri has revealed that it has filed for bankruptcy, citing the protracted crypto winter. Customers’ access to the platform’s services and their funds have not been hampered, according to the firm. Nuri Files For Insolvency The cryptocurrency bank Nuri said on Tuesday that it has filed for bankruptcy in a court in […]
Nuri stated that it has been facing a “lasting strain” on its business liquidity in 2022 due to “significant macroeconomic headwinds and the cooling down of public and private capital markets.” Nuri, a German start-up crypto bank with 500,000 customers filed for insolvency on Aug. 9, citing major crypto sell-offs, insolvency of Celsius and other crypto funds earlier this year as a reason for the move. The crypto bank said the move will “ensure the safest path forward” for all its customers, but also stressed that the insolvency will not affect its services, customer funds, investments, or....
Digital asset platform Nuri has told customers to withdraw their funds in the next two months, after taking a hit from the crypto winter. Formerly known as Bitwala, the Berlin-headquartered cryptocurrency bank filed for insolvency earlier this year and failed to find a buyer. Nuri to Maintain Trading Until Last Day of November, Prepares to Close Down Crypto bank and exchange Nuri has instructed users to withdraw their funds by Dec. 18, 2022 at the latest. The Germany-based company will then terminate and liquidate its digital asset business, according to a letter from its CEO Kristina....
Nuri will maintain crypto trading services until the end of November, and has encouraged users to withdraw their assets before the mid-December deadline. German crypto bank Nuri has told its 500,000 users to withdraw funds from their accounts as the firm prepares to shut down and liquidate the business, marking it as another victim of the 2022 bear market. Nuri first reported liquidity issues in August, after announcing that it had filed for insolvency amid the economic strains of Crypto Winter. It said at the time that business would continue as usual, as it worked on a restructuring plan....
German crypto bank Nuri joins a growing list of crypto service providers to shutter their doors permanently amid the bear market. Three Arrows Capital. Celsius. Voyager Digital. The list of crypto bankruptcies, shutdowns and trading freezes has been endless in 2022. And the year isn’t over yet. This week, German crypto bank Nuri urged its users to withdraw funds ahead of the company’s planned shutdown in December — at least Nuri’s users were given proper notice. The crypto bear has been relentlessly cleansing the market of excess, leverage, poor risk management and outright scams. If....