German Crypto Bank Nuri Asks Customers To Withdraw Funds As It Goes Out Of Business – Bitcoin News
Digital asset platform Nuri has told its customers to withdraw their funds within the next two months after the crypto winter hit. The Berlin-based cryptocurrency bank, formerly known as Bitwala, filed for bankruptcy earlier this year and failed to find a buyer.
Nuri to keep trading until end of November, prepare for closure
Crypto bank and exchange Nuri has instructed users to withdraw their funds by December 18, 2022 at the latest. The Germany-based company will exit and liquidate its digital asset business, according to a letter from CEO Kristina Walcker-Mayer.
Customers can access and withdraw all funds until the aforementioned date. All assets in the Nuri account are safe and unaffected by Nuri bankruptcy.
The CEO noted that the platform will continue to support trading until November 30, 2022. The announcement comes after Nuri filed for temporary bankruptcy in August. According to reports at the time, it was the first German fintech to move in a difficult year for crypto startups.
Nuri was launched in 2015 and operated under the name Bitwala for several years before rebranding in 2021. Over the years, the company has experienced its ups and downs, but this year’s challenges proved insurmountable.
Tough economic and political conditions have prevented it from attracting investors and raising new capital. The situation was exacerbated by the bankruptcy of one of his key business partners, and Nuri has been unable to find a buyer despite working closely with management over the past three months on restructuring plans. I could not do it.
Last year, when cryptocurrency prices hit all-time highs, many companies dealing in digital assets experienced significant growth, but a market downturn in 2022 and the terrausd (UST) stablecoin’s decline in May Events such as the collapse have hit many businesses hard. Finding investors has proven difficult. For example, last month, online payment company Bolt canceled a deal to acquire cryptocurrency provider Wire.
Do you think other German crypto companies will go bankrupt in the near future? Share your thoughts on the matter in the comments section below.
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German Crypto Bank Nuri Asks Customers To Withdraw Funds As It Goes Out Of Business – Bitcoin News
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