German crypto bank Nuri files for insolvency citing a “lasting strain”

Nuri, a German startup crypto bank, yesterday evening announced that it had filed for insolvency after what it calls a “lasting strain” on its business liquidity due to “significant macroeconomic headwinds and the cooling down of public and private capital markets.”

The startup bank said that 2022 has been a difficult year coming from the Corona pandemic and current political market uncertainties following the ongoing Russian invasion of Ukraine.

The crypto bank which has about 500,000 customers also cited other factors including major crypto sell-offs and the insolvency of Celsius and other crypto funds.

In a tweet, Nuri however assured its customers the move will not affect their services and customer funds and investments. The tweet reads:

“Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect our services, customer funds or investments.”

Seeking the safest path forward

Nuri has maintained that the insolvency does not affect the funds of their users’ accounts saying that all funds are safe because of a partnership with Solarisbank AG.

Customers will still have access to their accounts and they can deposit and withdraw all funds freely at any time. The bank also stated that its services will remain unchanged and its app, product, and services will continue to run normally.

Nuri crypto bank

Nuri, formerly named Bitwala, is headquartered in Berlin and was founded in 2015.

It offers crypto savings accounts, portfolio investment portfolios called Nuri Pots, and crypto trading services. Most notably, Nuri charges 1% trading fees on crypto trading.

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