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Crypto Firm Nuri Previously Known Bitwala Files For Bankruptcy

Nuri points out that the reasons for the insolvency are the Terra/Luna bankruptcy and Celsius's collapse....
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Photo by Jr Korpa

Nuri points out that the reasons for the insolvency are the Terra/Luna bankruptcy and Celsius’s collapse. Users can access their funds via the company’s app, according to Nuri.

German fintech company Nuri, previously Bitwala filed for insolvency before a Berlin court.

Nuri said that the company filed for bankruptcy to “stay ahead of any lasting strain on [the] liquidity of [the] firm.” Nuri also mentioned the Terra/Luna collapse as well as the insolvency of Celsius, a crypto lending firm.

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Nuri stated in June that Celsius’s suspension of withdrawals had adversely affected the company as well as its bitcoin interest product.

Nuri assured that users’ funds will not be affected by the insolvency proceedings, due to the partnership with Solarisbank (a German fintech company). The app allows users to access their Nuri Pot investments, including euro, bitcoin and ether, via the app.

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“For now, nothing will change, and Nuri’s app, product, and services will continue running,” the company stated.

This is the latest insolvency announcement by the German company amid recent market turmoil. The company laid off 20% its employees in May.

Crunchbase reports that Nuri has raised EUR42.3million ($43.2million) in funding in eight rounds. 13 investors have funded the firm, including Earlybird Venture Capital as well as Sony Financial Ventures.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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