German crypto exchange Nuri closes

German crypto exchange Nuri closes

The German cryptocurrency exchange Nuri has closed its business after difficulties finding investors.

The Berlin Stock Exchange with over 500,000 customers registered bankruptcy in August after "challenging market developments and consequences of the financial markets", the company previously shared with .

customers were asked to withdraw money by December 18, and trade will be possible before November 30th, said Kristina Walcker-Mayer, CEO von Nuri, in a Blog entry .

"We recommend that you withdraw all funds in your Nuri account as soon as possible," said the company. "After closing the Nuri app, you will not lose your money. However, you have to contact the respective partners and go through a manual process to withdraw."

Nuri has been received by a partnership with the European mobile crypto and banking app Vivid Money GmbH to enable its customers to continue trading cryptocurrencies. All Nuri users receive an exclusive offer and the transfer of funds and assets, according to the company .

The cryptocurrency exchange was founded in 2015 under the name Bitwala. After eight financing rounds, the company received a total of 42.3 million euros ($ 43.1 million), but had difficulties finding investors in June after its last series B, it says Reports from the German Tech-New-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 recruiting new means or finding a buyer," said Walcker-Mayer. "In addition, the bankruptcy of one of our main business partners has worsened the situation considerably and brought us out of the socket."

Nuri is not the only cryptocurrency exchange affected by the crypto baisse-many stock exchanges, including Coinbase, Gemini, Robinhood, Crypto.com and Blockfi, all staff had to dismantle after they had suffered significant losses.

Walcker-Mayer closed her explanation by thanking the employees, customers and investors from Nuri for their support.

"You have been with us through very hard times since the beginning of the year and have always rolled up your sleeves to constructively and positively face the next challenge. It was an honor for me to work with you," said Walcker-Mayer.

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The contribution German Crypto Exchange Nuri Shuts Down is not a financial advice.