Berlin-based finance startup Nuri makes a bold comeback to the Bitcoin scene, emphasizing cryptocurrency trading after a brief bankruptcy hiatus.
Nuri, a finance startup with headquarters in Berlin, has returned to the bitcoin scene after declaring bankruptcy in August and giving back client money. The company’s primary activity of purchasing and selling cryptocurrencies, especially Bitcoin, is the emphasis of the relaunch.
Striga and Bitwala Partnering
Currently operating in 29 countries within the European Economic Area (EEA), Bitwala is a cryptocurrency business under Nuri that gives consumers access to Ethereum and Bitcoin. By using an out-of-the-box compliant infrastructure package from Striga, the platform has been able to release itself from the licencing and regulatory obligations that it previously carried due to its reliance on Solarisbank.
In the future, Bitwala intends to work with Striga to integrate the Lightning Network and launch a Visa debit card backed by cryptocurrency. Chief Experience Officer Jan Goslicki of Bitwala stressed the company’s renewed emphasis on cryptocurrency trading as its primary product, especially when prices climb.
From Bitcoin Trading to Bankruptcy
Finance Magnates first revealed in October 2022 that Nuri was shutting down its activities due to a lack of cash or an inability to find a buyer. The company’s main justification for this move was the difficult political and economic climate over the past few months. By December 18, 2022, customers are expected to remove their assets and monies.
Since its founding in 2015, Nuri has raised €42.3 million in investment. Its most recent Series B funding round, which raised €9 million, finished in the middle of 2021.
CEO Kristina Walcker-Mayer stated that a major factor in the company’s problems was probably the cryptocurrency lender Celsius Network, whose bankruptcy was mentioned in the release but was not mentioned in the company’s announcement. Nuri had teamed up with Celsius Network to give its clients interest on cryptocurrency deposits. The business began as a cryptocurrency exchange before expanding into other digital banking services.
Despite difficulties and declaring bankruptcy after layoffs, the CEO of Nuri expressed hope for coming up with a long-term reorganisation plan. Nevertheless, the business failed to get funding to carry out its objectives.
Customers are urged to withdraw their funds before December 18 and the site will allow trading until the end of November 2022. Customers of Nuri were reassured by the company that their assets are safe and undisturbed despite its insolvency.
