Crypto exchange Nuri files for insolvency

Representatives of the platform reported that all funds and investments of customers in fiat and digital assets will remain safe

10.08.2022 - 09:45

316

1 min

What’s new? On August 9, Nuri, a German cryptocurrency exchange, filed for bankruptcy in a Berlin court. In the official blog, the company’s representatives noted that they were forced to take such a step by the current situation in the macroeconomics, geopolitics, and digital asset market. They explained that this measure would avoid possible long-term problems with liquidity and develop a concept for the restructuring of the business.

Nuri’s official statement

What else did the company say? Nuri representatives explained that 2022 was a challenging year for the ecosystem of fintech startups, with the company facing macroeconomic headwinds and cooling public and private capital markets amid the effects of the coronavirus pandemic and political uncertainty. It has also been negatively impacted by the sell-off in the digital asset market and the collapse of major crypto companies such as the Celsius lending platform and the Terra blockchain ecosystem.

In this, Nuri stressed that funds in customer accounts are safe thanks to its partnership with Solarisbank AG. Deposit and withdrawal functions will remain available, and Nuri’s app, products, and services will also continue to operate.

What is known about Nuri? The company provides an app with the option to invest in cryptocurrencies or traditional stock market assets using a German bank account. It was founded in 2015 and was originally called Bitwala. At the time of bankruptcy, Nuri had more than 400 000 customers and 4.4 stars on the App Store.

Author: