Nuri, a Germany-based neobank that provides crypto investing tools, has closed after failing to get outside funding.
After declaring insolvency in August due to the economic slump, CEO Kristina Walcker-Mayer said in a statement on Tuesday that Nuri had attempted to work out restructuring solutions that would allow it to continue operations.
According to Dealroom statistics, the business had obtained $45 million in capital from investors such as Sony Financial Ventures, Coparian, and Earlybird Venture Capital. Walcker-Mayer said:
“This year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer. On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”
Due to the failure to locate a buyer or get more finance, Nuri has urged its clients to withdraw their monies by December 18 so that the firm may be dissolved and liquidated.
Through a collaboration with banking-as-a-service provider SolarisBank and a non-custodial wallet, Nuri allows users to invest in Bitcoin and Ether using a German bank account. Trading on the site will be allowed until the end of next month, with all assets secure and untouched by the firm’s earlier insolvency procedures, according to Nuri.
Walcker-Mayer concluded her speech by praising Nuri’s customers and staff (the company has slightly over 200 employees, according to LinkedIn).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Crypto Neobank Nuri Shutters Operations
Nuri, a Germany-based neobank that provides crypto investing tools, has closed after failing to get outside funding.
After declaring insolvency in August due to the economic slump, CEO Kristina Walcker-Mayer said in a statement on Tuesday that Nuri had attempted to work out restructuring solutions that would allow it to continue operations.
According to Dealroom statistics, the business had obtained $45 million in capital from investors such as Sony Financial Ventures, Coparian, and Earlybird Venture Capital. Walcker-Mayer said:
“This year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer. On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”
Due to the failure to locate a buyer or get more finance, Nuri has urged its clients to withdraw their monies by December 18 so that the firm may be dissolved and liquidated.
Through a collaboration with banking-as-a-service provider SolarisBank and a non-custodial wallet, Nuri allows users to invest in Bitcoin and Ether using a German bank account. Trading on the site will be allowed until the end of next month, with all assets secure and untouched by the firm’s earlier insolvency procedures, according to Nuri.
Walcker-Mayer concluded her speech by praising Nuri’s customers and staff (the company has slightly over 200 employees, according to LinkedIn).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
Press Release
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
