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German crypto exchange Nuri closes
Trading will remain possible until November 30th Customers have until December 18th to withdraw funds German cryptocurrency exchange Nuri has closed its business after struggling to find investors. The Berlin Stock Exchange, which has over 500,000 customers, filed for bankruptcy in August following “challenging market developments and the knock-on effects of the financial markets,” the company said in an earlier statement. Customers have been asked to withdraw funds by December 18, and trading will be possible before November 30, Nuri CEO Kristina Walcker-Mayer said in a blog post. “We recommend that you withdraw all funds in your Nuri account as soon as possible,” said...
German crypto exchange Nuri closes
- Der Handel bleibt bis zum 30. November möglich
- Kunden haben bis zum 18. Dezember Zeit, Geld abzuheben
German cryptocurrency exchange Nuri has closed shop after struggling to find investors.
The Berlin Stock Exchange, which has over 500,000 customers, filed for bankruptcy in August following “challenging market developments and the knock-on effects of the financial markets,” the company said earlier Statement.
Customers have been asked to withdraw funds by December 18, and trading will be possible before November 30, Nuri CEO Kristina Walcker-Mayer said in a Blog entry.
“We recommend that you withdraw all funds in your Nuri account as soon as possible,” the company said. "After closing the Nuri app, you will not lose your funds. However, you will have to contact the respective partners and go through a manual process to withdraw them."
Nuri has partnered with European mobile crypto and banking app Vivid Money GmbH to enable further cryptocurrency trading for its customers. All Nuri users receive an exclusive offer and transfer of funds and assets, according to the company.
The cryptocurrency exchange was founded in 2015 under the name Bitwala. The company has raised a total of 42.3 million euros ($43.1 million) after eight rounds of funding, but struggled to find investors after its last Series B in June, it said Reports from German tech news website t3n.
“The challenges have become insurmountable due to the difficult economic and political environment of the past few months, which has prevented us from raising new funds or finding a buyer,” said Walcker-Mayer. “In addition, the insolvency of one of our main business partners has significantly worsened the situation and left us disconcerted.”
Nuri isn't the only cryptocurrency exchange affected by the crypto bear market - many exchanges, including Coinbase, Gemini, Robinhood, Crypto.com and BlockFi, have all had to cut staff after suffering significant losses.
Walcker-Mayer concluded her statement by thanking Nuri's employees, customers and investors for their support.
"You have been through very tough times with us since the beginning of the year and have repeatedly rolled up your sleeves to face the next challenge together in a constructive and positive manner. It was an honor to work with you. Every day," said Walcker-Mayer.
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The article German Crypto Exchange Nuri Shuts Down is not financial advice.