Amidst terrible market conditions, the German-based crypto bank – Nuri – has revealed that it will terminate its operations due to the harsh consequences of the crypto winter and the declining macroeconomic environment.
It, however, informed that customers have until December 18 to withdraw their funds from the platform, while trading will be possible until November 30.
Nuri Becomes the latest Crypto Winter Victim
In previous months, Nuri has been seeking venture capitalists and potential acquirers who could remedy the company’s financial issues caused by the long lasting crypto winter.
Just in early August, it filed for insolvency (a state of monetary distress in which a firm or an individual is unable to pay their bills).
Following a recent announcement, Nuri’s CEO – Kristina Walcker-Mayer – revealed that the current harsh economic conditions are so tough that the company failed to find the investors it needed.
As such, liquidation is imminent, while customers will be able to withdraw their funds until December 18:
“Unfortunately, we have not been able to find investors to continue our mission and have asked our customers to withdraw their funds by 18/12/2022 at the latest, so the business can be terminated and liquidated. Customers have access and will be able to withdraw all funds until the aforementioned date.”
The execs of Nuri affirmed that clients assets are “safe and unaffected” by Nuri’s crisis.
With the above information, cryptocurrencies trading will not no longer be possible after November 30.
The latest development by Nuri didn’t turn its heart as proponent of cryptocurrencies.
Despite liquidations, the company remains a major proponent of blockchain technology and digital assets.
According to Walcker-Mayer,
those technological innovations will provide numerous opportunities in the future and “add true value to the lives of people:”
“Even though we weren’t able to continue writing our story, the power of technology and the endless possibilities of blockchain-based finance won’t end here.”