Berlin-based Crypto Bank Nuri (Formerly Known as Bitwala) With 500.000 Clients Has to File for Insolvency
We have kept up with the development of Bitwala (in the meantime rebranded to Nuri) since our interview in April 2020. We have also kept up with their recent troubles, being caught between a rock and a hard place. They have been hit by the funding freeze for privately held companies, the recent crypto crash, AND the Celsius Network insolvency.
First, they made headlines by cutting 20% of their workforce, while looking for 30–40 m Euros in funding. Then they have also been hit hard by the Celsius Network insolvency, which also held funds from Nuri’s clients. Nuri can not be sure to recover its clients' funds at this point.
Now, yesterday they had — unfortunately — to file for insolvency :-(. This is one of the first insolvencies of a crypto fintech in Germany. Nuri is also a large one with around 500.000 clients, mostly from Germany.
You can learn more about the filing here (the link opens the text of filing on a German website):
According to Nuri their clients can still withdraw their account balances in Euro, their cryptocurrencies in their wallets, and from the investment vehicle Nuri Pots.
We hope Nuri finds a way out of these troubles.
You can learn more about the original founder and his vision in our interview from April 2020 here:
