The German crypto exchange Nuri, like many other crypto platforms, suffers from liquidity problems and filed for bankruptcy with a Berlin court.
The crypto company, founded in 2015, decided to file for bankruptcy, according to a press release, “in order to prevent a continuing liquidity burden on the business”.
“See you with significant macroeconomic headwinds and the The cooling of the public and private capital markets“, so Nuri, “which are due to the ongoing aftermath of the coronavirus pandemic and the subsequent economic and political turmoil caused by Russia’s invasion of Ukraine.”
According to Nuri, these and other market developments made the year 2022 for the global startup ecosystem becomes a major challenge. Furthermore, the Nuri called the Collapse of the Terra ecosystem and its Stablecoin UST well the bankruptcy of crypto platforms like Celsius as a reason for the current crypto bear market.
In recent weeks, there has been increasing negative news about crypto platforms. Just recently, for example, the brokerage firm Voyager Digital filed for Chapter 11 bankruptcy after a suspension of all deposits and withdrawals. The company later received permission to return $ 270 million worth of funds to customers. In addition, the Indian crypto exchange WazirX is fighting with authorities freezing the accounts of executives.
Nuri: Crypto and fiat deposits are secured
Unlike other crypto platforms that are in trouble, according to Nuri, the preliminary bankruptcy procedure is supposed to have no impact on customer deposits. The company still guarantees customers to be able to deposit and withdraw all funds at any time without any problems.
The company also stated that Euro deposits, Bitcoin and Ethereum deposits in wallets and deposits, as well as the funds and Nuri Pot investments are not affected by the current situation.
Furthermore, Nuri announced that nothing will change to the app until further notice and the services and products will not be discontinued. The crypto platform continues to focus on innovation and sees insolvency as an opportunity to restructure the company. Nuri wants to ”do everything in its power” to keep the company’s vision alive and protect customers.