Berlin-based fintech company Nuri
has made a comeback in the cryptocurrency space after filing for insolvency in
August and returning customer funds. The relaunch focuses on its core business
of buying and selling cryptocurrencies, particularly Bitcoin.
Bitwala, a cryptocurrency service
under Nuri, is now operating in 29 countries within the European Economic Area
(EEA), offering users access to Bitcoin and Ethereum. The platform has shed its
previous licensing and regulatory burdens by utilizing an out-of-the-box compliant
infrastructure package from Striga, a departure from its reliance on
Solarisbank in the past.
Future plans for Bitwala include
integrating the Lightning Network and introducing a crypto-backed Visa debit
card, all in partnership with Striga. Jan Goslicki, Bitwala’s Chief Experience
Officer, emphasized the company’s renewed focus on crypto trading as its core
offering, particularly when prices rise.
From Crypto Exchange to
Insolvency
Back in October 2022, Finance Magnates reported that Nuri
was closing its business operations after failing to secure funding or find
an acquirer. The company cited the challenging economic and political
environment in recent months as the primary reason for this decision. Customers
have been requested to withdraw their funds and assets by December 18, 2022.
Nuri was established in 2015 and
raised €42.3 million in funding over the years. Its last extended Series B
funding round, raising €9 million, concluded in mid-2021.
The CEO Kristina Walcker-Mayer noted
that the insolvency of a key business partner, not named in the announcement
but likely the crypto lender Celsius Network, significantly contributed to the
company’s difficulties. Nuri had partnered with Celsius Network to offer
interest on crypto deposits to its customers. The company initially started as
a crypto
exchange before branching into other areas of digital banking.
Despite facing challenges and
filing for insolvency following layoffs, Nuri’s CEO expressed optimism about
finding a long-term restructuring concept. However, the company was unable to
secure investors to continue its mission.
The platform would continue to
allow trading until the end of November, 2022. and customers are encouraged to
withdraw their funds by December 18. Nuri reassured its customers that all
assets in their Nuri accounts are safe and unaffected by the company’s
insolvency.
Berlin-based fintech company Nuri
has made a comeback in the cryptocurrency…
