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 and Striga Partnership
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.
This article was written by Tareq Sikder at www.financemagnates.com.Exchanges, CryptoCurrencyRead More
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