Crypto bank Nuri goes bankrupt without harming its customers

Founded in 2015, the crypto bank Nuri will have existed for only 7 years. Due to economic difficulties and poor business climate, this German startup has announced to close its operations. No fear for customers all the same. They have two months to withdraw their funds from the crypto bank. Nuri thus stands out from many crypto operators who freeze their customers’ funds in case of bankruptcy.

Two months to withdraw funds from Nuri

The Bear market continues to shake crypto ecosystem operators around the world hard. Crypto bank Nuri announced the closure of its operations this October 18, 2022. Launched in 2015 under the name Bitwala, this startup offered the possibility for its customers to save in crypto.

Nuri’s bankruptcy process was triggered last August. The startup tried to raise funds and find a buyer, unfortunately in view of the economic and political environment, it was a failure…

Nuri’s economic situation worsened with the insolvency of one of the startup’s main business partners. However, its customers need not worry. Their funds are indeed available on the platform and can be withdrawn until December 18, 2022.

Nuri’s competitors were obviously just waiting for this announcement to go after its customers. Yes, shortly after the announcement, the crypto buying, selling and storing company Relai invited Nuri users to use its application. The company is touting its fully decentralized wallet and the fact that there is no risk of insolvency.

Nuri goes down, not the blockchain and crypto

The bankruptcy of the startup Nuru is painful news for the crypto ecosystem. But, it does not call blockchain technology into question, believes Kristina Walcker-Mayer, CEO of Nuri.

In her letter to the Nuri community, Kristina believes that blockchain technology diversifies the ways in which wealth is created, stored and transferred. For her, blockchain remains an important opportunity that needs to be made understandable and accessible to as many people as possible.

We still believe in innovative financial technologies and are convinced that blockchain, cryptocurrency and decentralized finance will provide opportunities that will add real value to people’s lives.

Kristina Walcker-Mayer, CEO of Nuri

Nuri is not the only operator to go bankrupt during this moment of slowdown in the crypto market. The German startup is still one of the few, if not the only, players not to harm its customers and pause its activities. We can’t say the same about Celsius