The German cryptocurrency bank Nuri, which has more than 500,000 customers, has declared insolvency due to the fall of the cryptocurrency market and the bankruptcy of companies.
Bank representatives stressed that the insolvency filing would not affect user funds, company services or investments. Clients will still be able to withdraw their deposits, and the statement itself is made to “provide the most secure path for development.”
Some users have reported difficulties in withdrawing funds. However, according to Nuri representatives, this was due to a significant influx of customer applications. They emphasized that all user funds are “safe”.
Note that Nuri itself does not store either users’ fiat money or cryptocurrency assets – custodial services are provided by Solarisbank AG. It seems that it was the use of a third-party service that saved users money. Now Nuri plans to restructure the company.
“All users are guaranteed access to deposits and withdrawals at any time. At the moment, nothing will change in the Nuri application, products and services will continue to work. Liquidity issues are related to macroeconomic developments and declining markets,” the statement said.
Recall that the Nuri crypto bank, formerly known as Bitwala, was founded in 2015 and offered various services related to digital assets. Including investments in cryptocurrencies, deposits in bitcoins and various savings programs for digital assets.
Source: Bits
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