German crypto neobank Nuri shuts down business after failing to find buyer

Nuri, a German crypto neobank, is closing its doors arsenic it was incapable to find an acquirer aft filing for insolvency successful August, CEO Kristina Walcker-Mayer said successful an Oct. 18 blog post.

The CEO said the determination was taken arsenic the institution was incapable to find a imaginable acquirer oregon investors aft moving with insolvency administrators connected a restructuring program successful the past 3 months.

The level volition proceed trading transactions until Nov. 30. Nuri, however, advised its customers to retreat their assets by Dec. 18.

Nuri initiated a filing for insolvency successful August owed to the prevailing situation successful the crypto manufacture and aft 1 of its large concern partners “worsened the concern significantly.”

Nuri is closing down its concern operations. We inquire our customers to retreat their funds and assets arsenic of 18.12.2022. Thank you for having been portion of the Nuri community!

Here is simply a missive of our CEO Kristina Walcker-Mayer: https://t.co/gdOOeoOKDs

— Nuri (@NuriBanking) October 18, 2022

 

Walcker-Mayer said:

This year, the challenges person go insuperable owed to the pugnacious economical & governmental situation of the past months, which kept america from raising caller funds oregon uncovering an acquirer.

About 45% of Nuri’s employees were laid disconnected successful May, arsenic Walcker-Mayer said the determination was indispensable to close the tech and fintech valuation crisis.

Nuri, arsenic a German-based neobank, enabled users to put successful Bitcoin and Ethereum done a German slope account.

Bear markets Threatening the Survival of Many crypto Firms

Just similar Nuri, different crypto firms person been severely impacted by carnivore markets recently. As of the clip of filing this report, firms similar Hodlnaut, Celsius, Three arrows capital, Vauld, Coinbase, and galore others person been impacted by the conditions. 

Many of these firms, peculiarly Hodlnaut, person temporarily suspended withdrawals, deposits, and trading connected their platforms. More so, these firms overwhelmingly reduced their workforce to prevention costs.

There is nary question that the prevailing carnivore marketplace negatively affects crypto firms. Recall that astir of these firms, peculiarly exchanges trust connected trading fees to past successful the highly competitory sphere. They were, however, severely impacted by a massive diminution successful volume owed to a autumn successful crypto prices.

The station German crypto neobank Nuri shuts down concern aft failing to find buyer appeared archetypal connected CryptoSlate.