Nuri, a digital asset platform has advised its customers that their funds should be withdrawn within two months after it suffered a financial setback from crypto winter. The Berlin-based cryptocurrency bank, Bitwala was formerly known. However, it filed for bankruptcy earlier in the year. It failed to find a buyer.
Nuri will continue trading until November’s last day, but prepares for closing down
The cryptocurrency exchange and crypto bank Nuri have instructed its users to cash out their funds before December 18th, 2022. A letter from Kristina Walter-Mayer, its CEO, stated that the Germany-based firm will end its digital asset business and sell it off.
Customers can access all funds and may withdraw any amount up to the date referred to. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency.
Chief executive of the platform stated that trading will be supported until November 30, 2022. This announcement follows Nuri’s August filing for temporary bankruptcy. It was the first German fintech company to move during a difficult year for crypto startups, according to reports.
Nuri was founded in 2015, and operated for some time under Bitwala until its rebranding in 2020. Over the years, the company went through ups and downs but this year’s challenges became insuperable.
It was unable to attract investors or raise new funds due to its difficult economic and political circumstances. Nuri could not find an acquirer despite having worked with the administrators for three months on a restructuring plan.
Many companies that use digital assets experienced significant growth last year when prices reached all-time highs. However, they were also hit by events like the May collapse of the terrausd stablecoin (UST), and the market crash in 2022. It has been difficult to find an investor. Bolt, an online payments company, canceled a deal last month to purchase Wyre Crypto provider.
What do you think about the possibility of other German crypto firms going out-of-business in the future? Please comment below to share your views.
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