Berlin-Based Crypto Exchange, Nuri Shuts Down

Nuri the crypto exchange previously known as Bitwala has closed its business after struggling to find investors.
The Berlin-based exchange with over 500,000 customers filed for insolvency in August.

German crypto bank Nuri has advised its 500,000 customers to withdraw funds from their accounts before November 30, 2022. The company is preparing to close down and liquidate its business, marking it another victim of the 2022 bear market.

Nuri, formerly known as Bitwala, was founded in 2015 by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones. The company offered a variety of crypto-related services, including cryptocurrency trading, custody, and banking.

In August 2022, Nuri announced that it had filed for insolvency due to financial difficulties. The company said that it would continue to operate as normal while it worked on a restructuring plan and secured a buyout. However, an acquisition did not materialize and Nuri is now preparing to close down.

Nuri CEO Kristina Walcker-Mayer said that the company had made “every effort” to keep its operations going, but that the challenges had become insurmountable.

“The challenges became insurmountable due to the tough economic and political environment of the past few months, which prevented us from raising new funds or finding an acquirer,” she said in a blog post.

Walcker-Mayer said that all customer funds are safe and will be fully repaid. Customers will be able to withdraw their funds until November 30, 2022. Trading will also be possible until that date.

After November 30, 2022, Nuri will be liquidated and its assets will be distributed to creditors. Nuri customers will be given priority in the distribution of assets.

Walcker-Mayer said that Nuri is “deeply disappointed” to have to close down. She said that the company was “a pioneer in the European crypto banking space” and that it “had the potential to be a major player in the industry.”

However, she said that the “current market conditions” had made it impossible for Nuri to continue operating.

Nuri’s closure is a further sign of the tough times facing the crypto industry. The market has been in a bear market for most of 2022, and many crypto companies have been forced to lay off staff or even close down altogether.

It remains to be seen how many other crypto companies will follow in Nuri’s footsteps. However, it is clear that the industry is facing a major challenge.