The cryptobank, formerly Bitwala, is the first German cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. firm to admit difficulties amid the so-called “cryptowinter”.
- Nuri filed for bankruptcy in Germany.
- The cryptobank was affected by the collapse of Celsius.
- It is the first German cryptocurrency company to admit difficulties.
El intercambio de criptomonedas con sede en Berlín, Nuri has filed for bankruptcy amid the prolonged downward cycle that is proving increasingly challenging for some companies in the sector.
Nuri formerly known as Bitwala The company, filed for bankruptcy on Tuesday before a Berlin court, due to the effects of the slowdown in cryptocurrency prices and the broader picture of economic uncertainty caused by the pandemic. This was reported by local media, Handelsblatt which quoted a company statement:
This difficult environment has had a lasting impact on the business development of Nuri GmbH and has now led the management to file for insolvency at the Berlin District Court.
According to reports, one of the reasons behind the decision was the recent collapse of the crypto lending service, Celsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. which also filed for bankruptcy protection in the U.S. after becoming insolvent. Nuri indicated that the measure was necessary to ensure the continuity of implementation and the fulfilment of the company’s obligations in Germany.
The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. also assured its customers that they can still access the deposits as reported by Reuters .
Germany’s first fintech in trouble
La noticia se produce después de un informe de Handelsblatt on the critical state of the German platform. According to that publication, Nuri had been seeking funding from investors, but had found it difficult to raise capital capital is most commonly defined as the large sum of money you would use to invest. in view of the insolvent state of its US partner, Celsius .
The executives of Nuri did not comment for that report, which was based on statements from unidentified close refers to the closing price; similar to the same term used in stock trading. sources.
Founded in 2015, Nuri es un criptobanco alemán que, aunque no tiene licencia bancaria, ha estado working with the regulated regulation is when something is controlled by a specific set of rules. firm Solaris since 2018 to offer your customers easy access to Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and other cryptocurrencies directly from a bank account. This partnership allows for the offering of accounts, debit cards and other financial services through the infrastructure of Solarisbank .
Nuri joins the list of beleaguered platforms amid the collapse of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets. As reported by DiarioBitcoin at least a dozen cryptocurrency exchanges and lending services, including CoinLoan , Vauld , CoinFLEX y Babel Finance The US, for example, has opted to halt withdrawals due to the turmoil in the markets, while others have filed for bankruptcy.
According to the report, Nuri is the first fintech German company that encounters financial difficulties amidst the broader insolvency crisis within the crypto space.
- Hodlnaut is the latest crypto lender to close withdrawals citing market an area or arena, online or offline, in which commercial dealings are conducted. conditions
- Giant Canadian pension fund reportedly losing $150 million due to Celsius
- FTX’s Sam Bankman-Fried warns more crypto firms are “secretly insolvent”
Article by Hannah Estefania Perez / DiarioBitcoin
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