German crypto tours Nuri reports bankruptcy

German crypto tours Nuri reports bankruptcy

Nuri, one of the largest crypto exchanges in Germany, is the youngest company in the field of digital assets, which must register bankruptcy in the middle of turbulent market conditions.

Customers can continue to make withdrawals, according to the startup said in an explanation . According to the company, the bankruptcy proceedings will not affect any deposits, cryptocurrency funds or nuri-pot investments.

"Nothing will change for the time being and Nuris app, products and services continue to run," says the explanation.

The company added: "Due to the currently challenging market developments and the resulting effects on the financial markets on the business development of Nuri, we registered bankruptcy on Tuesday, August 9, 2022."

The Stocks based in Berlin has to find problems, investors reported . Since its foundation under the name Bitwala in 2015, the company has received a total of 42.3 million euros in eight financing rounds ($ 43.1 million) from investors.

The stock exchange has over 500,000 customers and is therefore one of the larger players in Germany, albeit one of the smaller ones in the world.

Nuri has attributed his downfall to the crypto extracts and the collapse of the crypto currency Celsius. These factors-accumulated with coronavirus pandemic, economic and political uncertainties due to the Russian invasion of Ukraine and cooling financing-all played a role, said the company.

"We continued in good time with the filling in order to prevent permanent stress on the liquidity of our company. In 2022, a challenging year was a challenging year for the startup ecosystem worldwide, especially for fintechs," said the stock exchange.

The company said that the bankruptcy applications were "temporarily" and you are currently looking for a "sustainable long -term renovation concept in the current situation of the company".

Nuri is the latest cryptocurrency exchange affected by the Baisse. Recently, the Zipmex based in Singapore, a stock exchange supported by Jump Crypto, exposed to payments because it had to struggle with liquidity.

But not all hope is lost-crypto companies with larger barres reserves have entered to acquire struck competitors. Last month, FTX achieved an agreement to take over the Blockfi, which has been in difficulty, for up to $ 240 million-and had also made agreements on the purchase of Bitvo and Embed Financial in early June.

. .

The Post German Crypto Exchange Nuri Files for Insolvenency is not a financial advice.