Berlin-based neobank Nuri has shut down its business due to “insuperable” challenges.
Nuri had to shutter as the firm couldn’t raising new funds or seal an acquisition.
Nuri, formerly known as Bitwala, filed for insolvency in August this year. The neobank also cut 20% of its workforce as it struggled with the rout in cryptocurrency prices.
Nuri also suffered from being a business partner to the now-bankrupt crypto lending firm Celsius.
The firm ensured customers that all the assets in their accounts were safe and unaffected by the company’s insolvency—and that they can continue crypto trading until the end of November.