German Crypto Bank Nuri Files for Insolvency

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German cryptocurrency bank Nuri, which was formerly known as Bitwala and has more than 500,000 clients, has filed for insolvency.

According to the company:

“Significant macroeconomic challenges and cooling capital markets have caused a prolonged strain on liquidity. The crypto winter also affected after the collapse of Terra, Celsius and a number of large funds.”

The company management has said that the reorganization of the business will not affect the services provided, customer funds, investments and the ability to withdraw assets.

Nuri offers digital assets in partnership with Solarisbank. The firm outsourced the processing of fiat payments and the storage of cryptocurrencies due to the availability of appropriate licenses. Thanks to the alliance, the clients of the fintech startup will not face the problems that are typical for a number of companies like Voyager Digital.

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