Germany-based fintech startup Nuri (formerly Bitwala) has filed for bankruptcy focusing on cryptocurrencies. More than 500 thousand customers used their service.

Nuri filed for bankruptcy on Tuesday, August 9, 2022. This does not affect our services, client funds or investments. You can find a full explanation of this situation on the Nuri Blog: https://t.co/UgAyckWE7J

— Nuri (@NuriBanking) August 9, 2022

“Significant macroeconomic challenges and chilled capital markets have put prolonged pressure on liquidity. […] The crypto winter after the crash also affected soil, Centigrade and a number of large funds, – announced the decision in the company.

Management said the reorganization of the business will not affect the services provided, the ability to withdraw client funds, investments and assets.

Nuri offered digital assets in partnership with Solarisbank. It outsourced the processing of fiat payments and storage of cryptocurrencies due to the availability of appropriate licenses. Thanks to the alliance, customers of the fintech startup will not face the problems typical of a number of companies such as Voyager Digital.

“Temporary bankruptcy procedure does not affect deposits, crypto funds and Nuri Pot products” it says in the statement.

The difficulties observed by some users with the return of funds in the company were explained by the high load. Nuri is confident that client funds are safe.

We are currently experiencing high traffic and usage, which is causing slower performance on our mobile app. Our team is working hard to improve performance. Please note that the money is safe and you can try using the app later 🙏🏻

— Nuri (@NuriBanking) August 9, 2022

Recall that in July, the Zipmex bitcoin exchange from Thailand applied to the court to protect itself from creditors.

Previously, Kaiko analysts allowed some cryptocurrency exchanges to go bankrupt due to unfavorable market conditions, declining client activity, and problems from a number of industry participants.

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