Yesterday evening Nuri, a German startup cryptocurrency bank, was inaugurated announced that it had filed for insolvency after what it calls a “lasting strain” on its business liquidity due to “significant macroeconomic headwinds and the cooling down of public and private capital markets.”

The bank stated that 2022 had been difficult due to the Corona pandemic, current political market uncertainties and the ongoing Russian invasion.

A crypto bank with around 500,000 customers also mentioned other factors, including major crypto sales and the insolvency Celsius and other crypto funds.

Nuri, however, assured customers that the move would not impact their services or customer funds and investments. The tweet reads:

“Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect our services, customer funds or investments.”

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Nuri has maintained that the insolvency does not affect the funds of their users’ accounts saying that all funds are safe because of a partnership with Solarisbank AG.

Customers will be able to access their accounts at all times and can withdraw or deposit any funds they wish. It also said that the bank’s services would remain unchanged, and that its app, products, or services would continue to function normally.

Nuri crypto bank

Nuri, previously known as Bitwala was established in Berlin in 2015.

It provides crypto trading and portfolio investment portfolios called Nuri Pots as well as crypto savings accounts. One of the most notable features is that Nuri charges 1% for crypto trading.