Crypto bank Nuri files for bankruptcy

Update: Nuri has now confirmed the opening of insolvency proceedings against BTC-ECHO. The message has been adjusted accordingly.

  • Nuri is insolvent. The crypto bank confirmed this in a press release available to BTC-ECHO.
  • The corresponding application still has to be accepted by the Berlin district court. CFO Christoph Iwaniez was optimistic about an assumption.
  • The reason is said to be a failed financing with Pavilion Capital. No liquidity could be provided from other sources either.
  • Customer deposits in euro bank accounts, crypto wallets and vaults as well as Nuri Pot investments are not affected by the insolvency proceedings. The FinTech guarantees further access to the deposits and denied a payout freeze. The company emphasizes that there is no access to the coins or private keys on non-custodial wallets anyway.
  • The app as well as the products and services from Nuri would continue unchanged “until further notice”, it is said.
  • CEO Kristina Walcker-Mayer said in the press release: “We are confident that the insolvency proceedings in the current company situation represent the best basis for developing a long-term viable restructuring concept.”
  • Nuri came under pressure as a result of the bear market and the worsening financing situation for start-ups and laid off 20 percent of the workforce at the end of May. The bankruptcy of the lending service provider Celsius further aggravated the situation.
  • At that time, BTC-ECHO spoke to CEO Kristina Walcker-Mayer about the company’s situation.

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