Following its bankruptcy, the German crypto-bank Nuri, called on its customers to withdraw their funds from the platform. Despite the situation, it therefore stands out from other players in difficulty, by not freezing the cryptocurrencies of its users.
The crypto-bank Nuri is a victim of bankruptcy
Nuri, a German crypto bank formerly known as Bitwala, founded in 2015, has joined the ranks of ecosystem players went bankrupt during this bear market. This one has declared itself insolvent last August and has not been able to find a buyer since.
Thus, it was through a press release addressed to users that CEO Kristina Walcker-Mayer revealed the following events:
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 from our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs
—Nuri (@NuriBanking) October 18, 2022
Users are like this invited to withdraw their funds from the platformbefore a permanent closure:
“Unfortunately, we were unable to find investors to continue our mission and have asked our clients to withdraw their funds no later than 12/18/2022, so that the business can be terminated and liquidated. […]. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency. Trading will be possible until 30/11/2022. »
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Funds that remain available to customers
Like many centralized platforms, Nuri was based on a model offering digital asset custody, trading services, as well as returns on certain cryptocurrencies. Competition being tough in this sector, it is far from the only crypto platform to suffer the consequences of the bear marketbut the bankrupt crypto-bank still stands out for managing the funds of these customers.
In effect, many platforms have frozen the withdrawals of their users. The most eloquent example is the Celsius Network fiasco, of which a lot of sensitive information was recently leaked.
On his side, Nuri therefore leaves its platform open to its customers until the closing date, thus giving them the opportunity to turn around without blocking their cryptocurrencies.
While several players are struggling, bigger companies like FTX or Binance take advantage of the crisis to develop more than ever. And for good reason, Changpeng Zhao, for example, recently announced that his exchange was ready to spend up to a billion dollars on acquisitions by the end of the year.
👉 Also read – Discover our guide to dealing with the bear market
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Source: Nuri
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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