VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

Withdrawal freeze at Celsius hits German fintech Nuri

admin by admin
June 17, 2022
in IT news
0
Withdrawal freeze at Celsius hits German fintech Nuri
0
SHARES
21
VIEWS
Share on FacebookShare on Twitter

Due to the “extreme market conditions”, the American crypto provider Celsius Network paused withdrawals and transfers to its accounts on Monday, June 13. Since the German Neobank (formerly Bitwala) is handing over Bitcoin (BTC), which are invested in the income accounts, to Celsius Network, the current Celsius liquidity crisis has a corresponding impact on German investors.

BTC and ETH trading, wallets, Nuri bank account not affected

The Berlin-based fintech Nuri lured on its website with up to three percent interest on its Bitcoin income account. The Bitcoin assets of the customers ended up at Celsius Network – and they have now stopped their withdrawals. That is why Nuri customers cannot withdraw their Bitcoin from their income accounts at the moment.

However, only Nuri’s Bitcoin earnings account is affected by the current situation at Celsius, Philipp Beer, Nuri’s Chief Growth Officer, tells Cointelegraph in German. All other products and services of Nuri, such as the bank account, Bitcoin and Ether trading as well as the crypto wallets of the customers work smoothly. Even the recently announced dismissal of 20 percent of the workforce would have no impact on Nuri’s operations, Beer said.

The Nuri app fulfills a pure mediation function to connect your customers with Celsius. Neobank does this under the license roof of Solarisbank as an “investment intermediary” between Celsius and the customer. This means that with the Bitcoin income account, the Nuri customer lends his crypto assets to Celsius Network via Berlin Fintech. For the temporary transfer, Celsius finally owes the customer interest income and must also transfer Bitcoin back if the investor wishes to do so.

No deposit protection from Nuri

But this very process has now been paused. According to Celsius, this is a temporary withdrawal suspension. The US company promises that it has taken measures to stabilize liquidity and smooth operations.

“We are in contact with Celsius to get more detailed information about the current situation and the duration of the withdrawal stop. As soon as we receive further information, we will immediately share it with the affected customers,” said Beer. However, there is no deposit protection for the cryptocurrencies invested via the Bitcoin income account. Nuri’s risk disclosure states that in the event of the failure of Celsius Network and in the event of the loss of the invested coins, Nuri will not provide any compensation to investors. On the other hand, the investors”completely bear the risk of the insolvency of Celsius Network. The sole debtor of the claims of investors to the agreed income, as well as the repayment of the amount of cryptocurrencies used, is Celsius Network“.

Crypto Winter Is Here

The current crypto market has been in a downtrend for months. According to Beer, all risk assets are affected by this, “but especially the crypto markets had to record enormous price drops”. However, Beer said the Celsius decision to pause the payouts was not the trigger, but that continued to contribute to investor uncertainty.

“On the one hand, there was a downturn of up to 80 percent after each high price, so it is likely that we have not yet seen the low point. In addition, we have fallen into a kind of “perfect storm” both macroeconomically and in the crypto world: interest rates are rising, inflation is exploding, the markets around the world are giving way. In the crypto world, with the bursting of the NFT bubble and the UST/Terra debacle in recent weeks, we have had some events that the market has to digest”.

For investors, however, Nuri’s Chief Growth Officer sees “an opportunity to invest cheaply” in the current crypto winter. However, in order to be independent of the volatility of the market, Beer recommends “creating a regularly running savings plan”.

Previous Post

Investors are worried about their money

Next Post

Starfighter Inc, from the creators of X-Wing

admin

admin

Related Posts

“I’m not a robot”: GPT-4 tricked a human to solve a Captcha
IT news

“I’m not a robot”: GPT-4 tricked a human to solve a Captcha

March 26, 2023
Selling things on the net: Online instead of flea market
IT news

Selling things on the net: Online instead of flea market

March 22, 2023
What are the advantages of software development by a dedicated team and by outsourcing
IT news

What are the advantages of software development by a dedicated team and by outsourcing?

March 20, 2023
Samsung reveals how the Galaxy Watch takes care of your sleep
IT news

Samsung reveals how the Galaxy Watch takes care of your sleep

March 20, 2023
Pallet offers with cheap electronics are mostly fake
IT news

Pallet offers with cheap electronics are mostly fake

March 14, 2023
Next Post
Starfighter Inc, from the creators of X-Wing

Starfighter Inc, from the creators of X-Wing

Premium Content

Nvidia shares at a new high before the quarterly report

Nvidia shares at a new high before the quarterly report

August 18, 2020
Play Racket: NX for free this weekend on Oculus Store and Steam

Play Racket: NX for free this weekend on Oculus Store and Steam

February 12, 2022
crypto exchange

Sales reach over $1 billion in 2021

August 23, 2022

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • “I’m not a robot”: GPT-4 tricked a human to solve a Captcha
  • Selling things on the net: Online instead of flea market
  • What are the advantages of software development by a dedicated team and by outsourcing?

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?