German Crypto Bank Nuri Asks Clients to Withdraw Funds as It Goes Out of Business – The cryptocurrency bank and exchange Nuri has urged its customers to withdraw their funds before December 18, 2022. According to a letter from the company’s CEO, Kristina Walcker-Mayer, the company based in Germany will cease and liquidate its digital asset business, who assured: “Customers have access and will be able to withdraw all funds until the aforementioned date. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency.”
The platform will continue to facilitate trading through November 30, 2022, as stated by the chief executive. The announcement follows Nuri’s provisional insolvency filing in August. Reportedly, it was the first German fintech to make the move amid a difficult year for cryptocurrency firms. Nuri began in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala. Over the years, the company went through ups and downs but this year’s obstacles proved insuperable.
The severe economic and political environment prevented it from attracting investors and raising new funding. The insolvency of one of its main business partners deteriorated the situation even more, and despite working closely with its administrators on a restructuring plan in the previous three months, Nuri was unable to locate an acquisition.
While many enterprises working with digital assets witnessed tremendous growth when crypto prices reached their all-time highs last year, many were struck hard by the market drop in 2022 and events such as the collapse of the terrausd (UST) stablecoin in May. Finding an investor has proven tough. For example, last month online payments firm Bolt canceled an agreement to buy crypto provider Wyre.
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