Fun

German Crypto Exchange Nuri Files for Insolvency

News Feed - 2022-08-10 11:08:44

German Crypto Exchange Nuri Files for Insolvency


Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year for startups in the industry. Customer access to the platform’s services and their funds will not be affected, the company assured. Crypto Exchange Cites ‘Lasting Strain on Liquidity’ as Reason for Insolvency Filing


Berlin-based crypto exchange Nuri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. The company made the move on Tuesday, Aug. 9, after unsuccessful attempts to secure a new financing round, the business newspaper Handelsblatt reported, noting that Nuri is the first German fintech to file for insolvency due to the latest crypto market slump.


In a statement, the exchange remarked that 2022 has been a challenging year for startups, especially those working with financial technologies, due to the effects of the Covid-19 pandemic, political uncertainties and most recently, Russia’s military invasion of Ukraine.


In addition, negative developments in the crypto space, including major sell-offs, the implosion of the Terra/Luna protocol, and the insolvency of Celsius and other crypto funds have led to a bear market, Nuri said, explaining: We proceeded with the filling in due time to stay ahead of a lasting strain on the liquidity of our business. Nuri Clients to Deposit and Withdraw Without Restrictions


The coin trading platform insisted that the filing will not affect its products and services, clients’ funds or investments. Customers will continue to have unimpeded access to their accounts and be able to deposit or withdraw all funds at any time, thanks to a partnership with Solarisbank. This applies to both cryptocurrency holdings and euro deposits.


The crypto exchange also emphasized it remains confident that the temporary insolvency proceedings offer a basis for developing and implementing a long-term restructuring plan. Nuri launched in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala.


“This step became necessary to ensure the safest path forward for all our customers,” the company reiterated, and promised its team will do everything possible to ensure that its products and services continue to serve present and future customers. Tags in this story Bankruptcy, Bitwala, Crypto, crypto exchange, crypto market, Cryptocurrencies, Cryptocurrency, downturn, Exchange, filing, german, Germany, Insolvency, market, Nuri, Slump, trading platform


Do you expect other German crypto companies to file for insolvency? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum NEWS | 7 hours ago Snoop Dogg, Steve Aoki, Logan Paul, and Beeple Dusted by OFAC-Banned Tornado Cash Transactions NEWS | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, P365 Previous articleAstar Network and Acala Announce Partnership in a Major Boost to DeFi on Polkadot Next articleBiggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Bitfarms Starts Bitcoin Megafarm Operations in Argentina
Bitfarms Starts Bitcoin Megafarm Operations in Argentina Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, l
Canada lacks engagement from lawmakers on crypto — Coinbase exec
Turner Wright3 hours agoCanada lacks engagement from lawmakers on crypto — Coinbase execThe Canada country director for Coinbase said local regulators were “much more collaborative” with the industry than their U.S
Solana (SOL) Gearing Up: Is a New Surge on the Horizon?
Este artículo también está disponible en español. Solana remained stable above the $175 level. SOL price is now recovering losses and facing hurdles near the $200 and $20
Turner Wright17 hours agoUS Attorney’s Office announces criminal fraud charges against Alex MashinskyAuthorities said they had reached a “non-prosecution agreement” with Celsius, but former CEO Alex Mashinsky will
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His ‘Major Announcement’
Donald Trump Trading Card NFTs Skyrocket in Value Despite Being Mocked for His "Major Announcement" After the former 45th president of the United States, Donald Trump revealed his
William Suberg18 hours agoBitcoin surfs $30K as traders hope US trading will boost BTC priceBTC price performance goes sideways, but Bitcoin bulls retain $30,000 as support after the weekly close.4026 Total views5 Total
Ray Salmond2 hours agoBitcoin price trades near key $31.7K pivot point — Can BTC bulls keep up the volume?Bitcoin started the week with a bang, but the real question is, what is driving the move and is it sustainable?3
‘Hell No’: Jack Dorsey Says Twitter Won’t Be Joining Libra Association
Twitter will not be joining the Libra Association, according to CEO Jack Dorsey. Dorsey replied with an conclusive “Hell no” to the question of its potential membership of the F
Wild West-Based Battle Royale Blockchain Game Grit Gets Listed on the Epic Games Store
Wild West-Based Battle Royale Blockchain Game Grit Gets Listed on the Epic Games Store On June 6, the Web3 entertainment company Gala Games announced that the Wild West-focused bat
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today’s Banking System
Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today"s Banking System While bitcoin and a variety of digital currencies have swelled in value,
Derek Andersen3 hours agoArchitect fintech receives NFA approval to operate as introducing brokerThe former president of FTX US founded the company in January to serve institutional investors in crypto and traditional de
Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies
Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies Mastercard’s CEO has outlined the company’s plans to dev