The Berlin-based fintech company Nuri has made a comeback in the cryptocurrency space after filing for insolvency in August and returning customer funds. The relaunch focuses on its core business of buying and selling cryptocurrencies, particularly Bitcoin.
Bitwala and Striga Partnership
Bitwala, a cryptocurrency service under Nuri, is now operating in 29 countries within the European Economic Area (EEA), offering users access to Bitcoin and Ethereum. The platform has shed its previous licensing and regulatory burdens by utilizing an out-of-the-box compliant infrastructure package from Striga, a departure from its reliance on Solarisbank in the past.
Future plans for Bitwala include integrating the Lightning Network and introducing a crypto-backed Visa debit card, all in partnership with Striga. Jan Goslicki, Bitwala's Chief Experience Officer, emphasized the company's renewed focus on crypto trading as its core offering, particularly when prices rise.
From Crypto Exchange to Insolvency
In October 2022, Finance Magnates announced the shutdown of Nuri's operations due to unsuccessful attempts at securing financial backing or an acquisition. The company attributed the closure to the recent tough economic and political environment. They have advised customers to withdraw their funds and assets by December 18, 2022.
Founded in 2015, Nuri accumulated €42.3 million in investment capital, with its last Series B extension netting €9 million in mid-2021. The CEO Kristina Walcker-Mayer pointed to the downfall of a key business partner, presumably the cryptocurrency lending service Celsius Network, as a significant factor in the firm's hardships. This partnership was integral to Nuri's offering of interest earnings on crypto holdings. Initially a crypto exchange, the company expanded into broader digital banking services.
Despite facing challenges, including layoffs and filing for insolvency, Walcker-Mayer remained hopeful about finding a long-term restructuring concept. Yet, the search for investors to uphold its vision proved unsuccessful. Trading on the platform was maintained until the end of November, 2022. with a withdrawal deadline for customer assets set for December 18. Nuri assured customers that their funds were secure and not affected by the company's insolvency.
