German cryptocurrency exchange Nuri announced that it has ceased operations after it had difficulties in finding investors.
Nuri (formerly Bitwala) filed for bankruptcy in August. The company had difficulty finding investors after its last funding round in June.
German Crypto Exchange Shut Down
The Berlin-based cryptocurrency exchange, which has more than 500,000 customers, filed for bankruptcy in August due to “challenging market developments and the subsequent effects of financial markets.”
The CEO of the company, Kristina Walcker-Mayer, stated that the trading operations will continue until November 30, and asked her customers to withdraw their money by December 18.
“We recommend that you withdraw all funds from your Nuri account as soon as possible. You will not lose your money after the closure of the Nuri application. However, to withdraw your funds, you will need to contact the relevant people and go through a manual process to withdraw your funds.
The German crypto exchange has partnered with mobile crypto and banking app Vivid Money GmbH to enable its customers to continue trading.
Founded in 2015 under the name Bitwala, the company managed to collect 42.3 million Euros after 8 financing rounds. However, after the collapse of the crypto market, he had difficulty finding investors.
Regarding the company’s closure, Walcker-Mayer said:
“Due to the difficult economic conditions of the past months, the difficulties we have faced have become insurmountable. This made it difficult for us to find new investors and funds. Moreover, one of our main business partners went bankrupt, which pushed us to the brink.”
Crypto companies continue to bleed. Many major crypto exchanges such as Coinbase, Gemini, Robinhood, Crypto.com, and BlockFi have had to cut staff.
Walcker-Mayer concluded his statement by thanking employees, customers and investors:
“You have had a very difficult time with us since the beginning of the year. You have always made an effort to overcome the difficulties that arise. It was an honor to work with you”
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