German crypto company Nuri, previously operating under the name Bitwala, has announced that it has filed for bankruptcy.
A new one has been added to the bankruptcy news that we have started to hear in the crypto money market recently. German crypto bank Nuri announced in a blog post that it filed for bankruptcy in Berlin on August 9.
Nuri Filed for Bankruptcy
Germany-based crypto company Nuri previously operated under the name Bitwala. The company, which we can also define as a crypto brokerage company, said that it filed for bankruptcy on August 9. As a reason for this, he showed unfavorable market conditions for fintech startups around the world. Also, another reason for this decision is the company’s need to protect its customers.
The statement on the subject includes the following words:
“Due to the current challenging market developments and the impact this has had on Nuri’s business development in the financial markets, we filed for bankruptcy on Tuesday, August 9, 2022. This step has become essential to provide the safest route for all of our customers.”
Nuri also announced that services, funds or investments will not be affected by this application. Explaining that nothing will change for now, the company said, “Nuri’s app, product and services will continue to work.”
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