German crypto-bank “Nuri” with 500,000 users files for bankruptcy
German cryptocurrency startup Nuri, which has 500,000 users, filed for insolvency on Tuesday, citing large crypto selloffs and the insolvency of Celsius and other crypto funds earlier this year as vindication. , as Cointelegraph reported.
The cryptocurrency bank emphasized that the insolvency will not affect its services, customer liquidity, investments, or customers’ ability to withdraw their assets from the platform, but claimed the action “will ensure the safest way” for all its customers.
German cryptocurrency startup Nuri, which has 500,000 users, filed for insolvency on Tuesday, citing large crypto selloffs and the insolvency of Celsius and other crypto funds earlier this year as vindication. .
The cryptocurrency bank emphasized that the insolvency will not affect its services, customer liquidity, investments, or customers’ ability to withdraw their assets from the platform, but claimed the action “will ensure the safest way” for all its customers.
As reported by Cointelegraph, some Nuri mobile app users have reported having difficulty withdrawing their payments; however, Nuri on Twitter claimed this was due to heavy traffic and usage and once again stressed that “funds are safe”.
Notably, a collaboration with Solarisbank AG prevents the company from directly managing customers’ fiat and cryptocurrency funds. The Solaris Group website states that Nuri has worked with the bank and its cryptocurrency subsidiary Solaris Digital Assets to outsource banking and custody licenses for cryptocurrencies.
“Major macroeconomic headwinds and cooling public and private funding markets,” including the COVID-19 outbreak and the Russian invasion of Ukraine, have put “sustained pressure” on liquidity, Nuri said. of his company in 2022.
The best known names are Voyager Digital, Celsius and Three Arrows Capital. Nuri joins a large group of cryptocurrency companies that experienced liquidity issues during the 2022 bear market, Cointelegraph noted.
(With information from Cointelegraph)
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