German Crypto Exchange Bitwala Files for Insolvency
Pexels.com/Abdel Rahman Abu Baker
Cryptocurrency exchange Nuri GmbH (formerly Bitwala) has filed for insolvency. The company said in a blog post that the decision does not affect its services, funds or investments.
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Yet, the company made the decision due to the “current challenging market developments and subsequent effects on financial markets.” The exchange said:
“[…] we have been facing significant macroeconomic headwinds and the cooling down of public and private capital markets.”
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The Berlin-based exchange emphasized that clients’ funds are safe as part of the partnership with Solarisbank AG. Nuri also added that the insolvency proceedings do not affect deposits.
Founded in 2015, Nuri raised in total over €42 million from 13 investors, according to data from Crunchbase. In the end of May, the German platform laid off 20% of its workforce.
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