FinTech: German Bank Nuri Files For Insolvency Amidst Macro Environment And Crypto Bear Market
Nuri, a bank account and crypto wallet rolled into one, allowed users to lend their crypto and earn interest.
Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on August 9, 2022 in view of a “lasting strain” on the liquidity of its business amidst “significant macroeconomic headwinds and the cooling down of public and private capital markets,” as well as a crypto bear market. (Nuri.com)
Founded in 2015, and previously known as Bitwala, startup Nuri had 500K users. In total, it has raised to date a total of 42.3 million euros ($43.1 million) from investors in eight rounds of funding.
Funds safe says the bank
In its statement Nuri assured customers that “all funds in your Nuri accounts are safe due to our partnership with Solarisbank AG.”
It further said the insolvency proceedings do not affect:
· Cryptocurrency funds
· Nuri Pot investments
· Euro deposits in the Bank Account
· Bitcoin and Ether deposits in Wallets & Vaults
· Nuri Pot portfolio investment baskets
“You have guaranteed access and will be able to deposit and withdraw all funds freely at any time. For the time being, nothing will change and Nuri’s app, product and services will continue to run,” Nuri assured.
“We are confident that the temporary insolvency proceedings offer the best basis for developing a viable long-term restructuring concept in the company’s current situation,” it added.
Related Story: Celsius Goes Under Too, Files For Bankruptcy
Latest Alternative Investment News
LIVIN Farms, an industrial technology provider in the alternative protein industry, has developed HIVE PRO, a fully automated process that allows waste management companies and large scale food producers to…
Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid
West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be…
Clearview AI announced its win of the “Scalable Training Data Preparation Pipeline And Efficient Distributed Trainer For Deep Neural Networks In Facial Recognition” patent (U.S. Patent No. 11,443,553) issued by…
Newday offers portfolios addressing the world’s most pressing environmental and social issues including climate action, ocean health, clean water, diversity, equity and inclusion, wildlife conservation and animal welfare, and stakeholder…