Nuri Exchange Files For Insolvency

Nuri, the German cryptocurrency exchange, filed for bankruptcy under the law in a Berlin court yesterday.

According to court filings, the exchange had applied for insolvency to settle the liquidity of the business.

Customers can still make withdrawals, the startup said in a statement. The insolvency proceedings will not affect any deposits, cryptocurrency funds, or Nuri Pot investments, according to the company.

“For the time being, nothing will change and Nuri’s app, product and services will continue to run,” the statement said.

According to t3n, a local German technology news website, the Berlin-based exchange has had problems recruiting investors following its most recent Series B in June 2021. Since its inception in 2015 as Bitwala, the firm has raised a total of 42.3 million euros ($43.1 million) in eight fundraising rounds from investors.

At the end of May, Nuri laid off 20% of its staff. To date, the platform has raised 42.3 million euros ($43.2 million) from eight funding rounds by 13 investors, including Earlybird Venture Capital and Sony Financial Ventures.

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Harold

CoinCu News