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Cryptocurrency crash: Nuri, the German crypto-bank, files for bankruptcy

Debt not ruined – Finances crypto bank German Nuri are in the red, but the company assures that the current situation will not cause any inconvenience to its users.

Nuri: young crypto bank falters

The same causes produce the same effects, with a few differences. Nuri gave a speech, which unfortunately contains words that have become classics of this bear market : “significant macroeconomic obstacles”, shocks due to the illiquidity of Celsius, or even the bankruptcy of certain crypto funds.

The context, then, is set, a framework that is repeated over and over to justify a difficult decision. To put it more simply and clearly, Nuri is in turn a victim of the bear. The German Crypto Bank has filed for bankruptcyAugust 9.

Founded in 2015, the Berlin-based crypto company formerly known as Bitwala offers various services related to cryptocurrenciesincluding crypto savings accounts and trading services.

Seven years later, a bear market is forcing the fledgling crypto bank into bankruptcy proceedings, which it describes or hopes are “temporary,” and which should give the company the solid foundation it needs to continue. sustainable long-term restructuring concept “.

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Insolvency without consequences for customers

Nuri is certainly stunned, but still not on the mat. The crypto bank wanted to be reassuring to its 500,000 customers. This bankruptcy proceeding would in no way affect its services or even the funds of its clients.

The company itself does not manage its clients’ fiat currency and cryptocurrency assets, an operation it transfers through a partnership with Solarisbank AG.

Therefore withdrawals remain available, and are not frozen. In this way, Nuri tries to stand out from other platforms that had to prevent their users from accessing their funds, just before filing for bankruptcy.

Despite these remarks minimizing the impact of this bankruptcy filing, clients have however indicated that they have encountered difficulties in withdrawing their assets using the Nuri mobile application.

The crypto bank persists and signs, in the face of these concerns: “funds are safe”. These difficulties would be caused solely, in rush hours.

While some crypto companies seem to be slowly coming out of the red, others barely enter. The next few weeks will reveal the true extent of Nuri’s financial problems.

Another one bites the dust… Another giant of the crypto ecosystem bites the dust. Avoid leverage for a while and you’ll be fine. Register without delay on the FTX reference cryptocurrency exchange platform. In addition, you benefit from a lifetime reduction in trading costs (commercial link, see terms and conditions on the official website).

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