Nuri, the digital bank from Germany that began in 2015 as a convenient way to merge bank accounts with Bitcoin and Ethereum wallets, announced its bankruptcy this week. They offered recurring Bitcoin investments and even ETFs in their new Nuri Pots.
In 2021 Nuri raised nearly $25 million in a series B funding, while reporting more than a quarter-million customers in over thirty countries. Throughout 2022, liquidity has been a major issue for the business, suffering setbacks due to economic pressures and the Terra Luna crash followed by Voyager and 3AC insolvencies.
The company issued the following in a statement:
“All funds in your Nuri accounts are safe due to our partnership with Solarisbank AG. The temporary insolvency proceedings do not affect your deposits, cryptocurrency funds and Nuri Pot investments which have been done with us,”
The Berlin-based company joins 3 Arrows Capital and Voyager as the most recent in the cryptocurrency space to be forced into bankruptcy. Luckily, according to Nuri, all customer funds are 100% still safe and accessible, the way they should be.
This does shed light on how truly negative the other insolvencies have been, impacting customer funds and countless other companies in the ecosystem. Moving forward, cryptocurrency-based companies need to take note and guarantee the safety of customer funds.
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