Following its bankruptcy, German crypto-bank Nuri has called on its customers to withdraw their funds from the platform. Despite the situation, it is therefore standing out from other troubled players by not freezing its users’ cryptocurrencies.
Nuri crypto-bank is a victim of a bankruptcy
Nuri, a German crypto-bank formerly known as Bitwala, founded in 2015, has joined the ranks of ecosystem players that have fallen into bankruptcy during this bear market. It declared itself insolvent last August and has not been able to find a buyer since.
Thus, it is through a press release addressed to users that the CEO Kristina Walcker-Mayer has revealed the next steps:
Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community!
Here is a letter of our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs
– Nuri (@NuriBanking) October 18, 2022
Users are thus invited to withdraw their funds from the platform, before a final closure:
“Unfortunately, we have not been able to find investors to continue our mission and have asked our customers to withdraw their funds by 18/12/2022 at the latest, so that the company can be terminated and liquidated […]. All assets in your Nuri account are safe and unaffected by the insolvency of Nuri. Trading will be possible until 30/11/2022. “
Funds that remain available to clients
Like many centralised platforms, Nuri was based on a model offering digital asset custody, trading services, as well as returns on certain cryptocurrencies. With competition in this sector being tough, it is far from the only crypto platform to suffer the consequences of the bear market, but the failed crypto-bank still stands out for the management of its customers’ funds.
Indeed, many platforms have frozen their users’ withdrawals. The most telling example is the fiasco concerning Celsius Network, from which a lot of sensitive information was leaked recently.
For its part, Nuri is leaving its platform open to its customers until the closing date, thus allowing them to turn around without blocking their cryptocurrencies.
While several players are struggling, bigger companies like FTX or Binance are taking advantage of the crisis to grow more than ever. And for good reason, Changpeng Zhao for example recently announced that his exchange was ready to spend up to $1 billion on acquisitions by the end of the year.
