Crypto bank Nuri finds no buyer – and closes in December
Three months after the announced insolvency proceedings, the crypto bank Nuri is being wound up. The Berlin fintech was unable to find a buyer. All customers are currently receiving formal cancellations via email, but will have access to their funds until December 18, 2022.
“We regret to have to inform you that Nuri is closing due to insolvency,” says a recent email from the Berlin fintech Nuri to its customers. And further: “Therefore, we hereby terminate our business relationship with you in accordance with Section 15 Paragraph 1 of the General Terms and Conditions”.
The company has given December 18, 2022 as the termination date. Nuri then wants to close all user accounts and bank accounts. Until then, however, all users would still have access to their accounts to withdraw their funds and assets. The assets are therefore not affected by the insolvency.
Nuri is closing in December
Crypto bank Nuri, formerly known as Bitwala, filed for bankruptcy back in August 2022. Since then, the company has been looking for a potential buyer for its platform and its more than 200,000 customers. According to the responsible insolvency administrator, things were not going badly in the meantime.
Again Business Insider reported, there have already been initial takeover bids. After some talks, however, no agreement was reached. Due to the current economic situation, the interested parties have apparently distanced themselves from a purchase. Nuri will therefore be wound up in the coming week. In December it’s finally over.
“Unable to find investors”
Nuri CEO Kristina Walcker-Mayer meanwhile confirmed the end in one go official statement. Accordingly, Nuri has worked closely with his insolvency administrators over the past three months to avert the looming evil and continue his story. Walcker-Mayer wrote:
Unfortunately we have not been able to find investors to continue our mission and have asked our clients to withdraw their funds no later than 12/18/2022 to allow the company to exit and liquidate.
Vivid courts Nuri customers
Customers can also trade on the platform as usual until November 30, 2022. In order to give all those affected a better understanding of the situation and its implications, the company has created a Frequently Asked Questions section (FAQ) furnished.
At the same time as the crypto bank was closed, the mobile banking app Vivid announced a cooperation with the company. Nuri customers would therefore be forwarded to the Vivid app in the future. There they would be able to create an account with just a few clicks and transfer existing credit.
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