German crypto bank Nuri is shutting up shop after failing to secure a buy out and it has given users until Dec. 18 to withdraw funds from the platform.
before everything went south, Nuri is encouraging users to withdraw all of their assets before the Dec. 18 deadline.
“Customers have access and will be able to withdraw all funds until the aforementioned date. All assets in your Nuri account are safe and unaffected by Nuri’s insolvency. Trading will be possible until 30/11/2022,” the post reads. Mayer explained that “this year, the challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer,” and added:
“On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge. As a result, Nuri had to file for temporary insolvency in August this year.” While Mayer didn’t specifically name its insolvent business partner, Celsius appears to be the prime candidate as it had partnered with Nuri to offer Bitcoin interest accounts to its customers. These accounts wereMayer also noted that the company is still bullish on the potential of blockchain-based financial services.
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