Frankfurt The Berlin crypto bank Nuri has filed for bankruptcy. The company announced this on Tuesday afternoon. The company recently had around 500,000 customers and, according to its own statements, managed total assets of around 500 million euros at the end of April. The most important questions and answers about the Nuri insolvency:
What does bankruptcy mean for customers?
According to Nuri, the assets of their customers are not at risk because of the bankruptcy. This applies to euro balances in bank accounts, cryptocurrencies in digital wallets and the digital investment vehicle Nuri Pots. “Even during the bankruptcy proceedings, Nuri customers continue to have guaranteed access to their deposits and can withdraw them in full at any time,” Nuri said.
Nuri himself does not have a banking license, but has been working with Solaris from Berlin since 2018. “As far as customers have an account with Solarisbank through our partners, the deposits in the accounts are safe,” said a Solarisbank spokesman on Monday. The same applies to cryptoassets held by Solaris Digital Assets GmbH.
Can customers still access their bank accounts?
“Until further notice, the app and the products and services from Nuri will continue unchanged,” said Nuri. This allows customers to continue to access their bank account. According to their own statements, Nuri customers can also continue to make transfers within the Sepa area and also use the Nuri debit card.
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Savings plans remain active and will be carried out as usual, Nuri writes in a blog post on the website.
What is the impact of bankruptcy on Nuri’s bitcoin income account?
According to Nuri, customers can withdraw all funds at any time – with the exception of the coins in the Bitcoin income accounts. “Celsius’ payout freeze remains in place and the payout feature remains dormant,” Nuri shared.
The American partner company Celsius Network stopped withdrawing cryptocurrencies in mid-June. A few weeks later, Celsius filed for bankruptcy. Nuri had referred customers to the Americans as part of a Bitcoin earnings account. They fear for their deposits.
Investors therefore saw great legal risks with Nuri. According to insiders, it will be exciting to see whether the partner Solaris can be legally prosecuted for possible misconduct by Nuri. Nuri had stated on his website that the cryptocurrencies on the Bitcoin earnings accounts would never be frozen and could be paid out at any time.
What’s next for Nuri?
From the point of view of experts, it is completely open how the company will continue after filing for bankruptcy. People familiar with the topic assume that other fintechs and banks will take a look at the valuable parts of Nuri and possibly take them over. This included the trading and banking systems, the developers and the customer advisors.
According to Nuri boss Kristina Walcker-Mayer, the bank is confident that the insolvency proceedings in the current company situation represent the best basis for developing a long-term viable restructuring concept.
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