Blockchain & Crypto

German crypto bank Nuri shuts down 

Nuri management requested its 500,000 customers to withdraw funds before mid-December

crypto bank Nuri

German crypto bank Nuri shuts down. Source: nuri.com

In a letter from Nuri’s CEO Kristina Walcker-Mayer, the crypto bank previously known as Bitwala announced that despite the company’s best efforts, it is unable to maintain its operations moving forward. The institution encouraged its half-million users to withdraw funds before the asset liquidation.

Nuri had previously reported liquidity issues. However, back in August, the crypto bank believed it could continue operations. Nuri worked on a restructuring plan and buyout, however, an acquisition didn’t happen. 

Therefore, the firm now prepares to shut down and liquidate the business. Nuri will provide crypto trading services until the end of November. Meanwhile, users are asked to withdraw all of their assets before the Dec. 18 deadline. 

German crypto bank has become yet another victim of the prolonged Crypto Winter. Mayer explained that “the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer.” Besides, one of Nuri’s main business partners, presumably Celsius which went bankrupt this year, worsened the financial situation significantly. 

Nevertheless, the company is still bullish on the potential of blockchain-based financial services.

“We still believe in innovative financial technology and are convinced that blockchain, cryptocurrency and decentralized finance will offer opportunities that add true value to the lives of people. Still, financial innovation should be safe, understandable and easy to use for as many people as possible.”
Kristina Walcker-Mayer
CEO, Nuri

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.