@BOMBERuss 10 August 2022 more from that month

Another startup did not survive this crypto winter. German crypto bank #Nuri (formerly Bitwala) has filed for bankruptcy in a Berlin court. The company explained that this step is necessary at this stage and is being done in the interests of customers. At the same time, Nuri states that customers will still have access to their euro accounts and #cryptocurrency wallets. The company has been operating since 2015 and serves 500,000 customers. Cryptobank offered digital assets (#bitcoins, #Ethereum) in partnership with Solarisbank, processing fiat payments and storing digital currencies. The startup also offered investment products based on cryptocurrencies. Due to the cooperation with Solarisbank, Nuri users are not waiting for the fate of #Voyager Digital customers. The company explained the difficulties with the refund that some users faced with a high load. The Nuri mobile app also works without interruptions. Explaining the reasons for the bankruptcy, Nuri referred to serious difficulties in business due to "significant macroeconomic obstacles", such as the COVID-19 pandemic and military operations on the territory of Ukraine, as well as the cooling of capital markets. "In addition, various negative events affected the crypto market at the beginning of this year, including the collapse of the #Luna/#Terra protocol, the insolvency of Celsius and other large crypto funds, which led to a bear market," the company said in a statement. Shortly before declaring bankruptcy, the company laid off 20% of its employees in an effort to "adapt to the new reality" in the financial markets. But obviously it didn't help.