The cryptocurrency industry is bitterly cold, and the tide of bankruptcy continues to spread. The German crypto bank Nuri, founded in 2015, is another victim of this bear market. Yesterday (18), it reluctantly announced that it would close on December 18. platform, an estimated 500,000 users will be affected.
Nuri, formerly known as Bitwala, mainly provides users with traditional banking services and convenient cryptocurrency trading services. It has experienced several business transformations and ups and downs over the years, but it still occupies a very critical position in the cryptocurrency ecosystem.
Due to a poor general economic environment, a sluggish cryptocurrency market, and the bankruptcy of a major partner, Nuri has struggled with liquidity issues this year and is still under financial pressure, filing for bankruptcy in a Berlin court in August. Nuri said at the time that the company’s business will continue to operate as usual, and a restructuring plan is being developed to seek acquisition opportunities, but has never been able to do so.
In a blog post published on October 18, Nuri CEO Kristina Mayer pointed out that although the company had tried to turn the tide in the business difficulties, it was still unable to maintain operations, so it was decided to close the company on December 18 and start the liquidation process.
Kristina Mayer said that the Nuri cryptocurrency trading service will continue until November 30, and the funds in the user’s account are safe and not affected by bankruptcy, and reminded users to withdraw the remaining assets in the account before December 18. Collar empty.
While Kristina Mayer didn’t specify which company Nuri’s insolvent business partner is, Nuri has worked with Celsius in the past to offer bitcoin interest accounts to customers, and Nuri’s bitcoin interest-bearing products have also been included in the aftermath of Celsius’ crisis. Withdrawals are then suspended.