Nuri (formerly Bitwala) filed for insolvency \ stacker news ~bitcoin

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Nuri (formerly Bitwala) filed for insolvency nuri.com/blog/nuri-filed-for-insolvency

71 sats \ 3 comments \ @cryptocoin 10 Aug 2022 bitcoin

0 sats \ 1 reply \ @cryptocoin OP 10 Aug 2022

Here's an article on this, from The Block:

Nuri cites the Terra/Luna collapse and Celsius’ bankruptcy filing as reasons behind the insolvency

The insolvency is the latest move made by the German firm amid the recent market downturn. In late May, the company laid off 20% of its employees.

Nuri has raised €42.3 million ($43.2 million) in funding over eight funding rounds to date, according to Crunchbase.

German fintech Nuri files for insolvency amid market downturn https://www.theblock.co/post/162545/german-fintech-nuri-files-for-insolvency-amid-market-downturn

0 sats \ 0 replies \ @cryptocoin OP 10 Aug 2022

Nuri (Bitwala) has been around since 2015: https://en.wikipedia.org/wiki/Bitwala

0 sats \ 0 replies \ @cryptocoin OP 10 Aug 2022

They claim withdrawals (and deposits, and investments, and everything else) are still functioning but there are reports of problems withdrawing. e.g.,

Unable to transfer BTC off your wallet?

https://nitter.it/FortifyCulture/status/1557107467879948288

But Nuri replied, asking the user to DM for assistance. So maybe they are just insolvent / cash-flow wise, but customers did not lose access to their balances or the ability to transact.