Cryptocurrency exchange Nouri has filed for bankruptcy, reportedly becoming the first fintech in Germany to step into a challenging year for startups in the industry. The company assured that customers’ access to the platform’s services and their funds will not be affected.
Crypto exchange cites ‘permanent stress on liquidity’ as reason for bankruptcy filing
Berlin-based crypto exchange Nouri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. Business newspaper Handelsblatt reported that the company made the move after unsuccessful attempts to secure a new financing round on Tuesday, 9 August, noting that Nouri was the first German fintech to file for bankruptcy due to the latest crypto market meltdown. Is.
In a statement, the exchange commented that 2022 has been a challenging year for startups, especially those dealing with financial technologies, due to the COVID-19 pandemic, political uncertainties and, most recently, Russia’s military invasion of Ukraine. because of the effects of.
Furthermore, negative developments in the crypto space, including a major sell-off, the impact of the Terra/Luna protocol, and the bankruptcy of Celsius and other crypto funds, have given rise to a bear market, Nouri said, explaining:
We proceeded with fillings in due course to stay ahead of the enduring pressure on the liquidity of our business.
Noori customers can make deposits and withdrawals without any restrictions
The coin trading platform stressed that the filing will not affect its products and services, clients’ funds or investments. Thanks to the partnership with SolarisBank, customers will continue to have seamless access to their accounts and will be able to deposit or withdraw all funds at any time. This applies to both cryptocurrency holdings and euro deposits.
The crypto exchange also emphasized that it is convinced that the temporary bankruptcy proceedings provide a basis for developing and implementing a long-term restructuring plan. Noori was launched in 2015 and operated under the name Bitwala for a few years, until its rebranding in 2021.
“This step became necessary to ensure the safest route for all of our customers,” the company reiterated, and promised that its team would do everything possible to ensure that its products and services serve the needs of current and future customers. continue to serve.
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