German crypto bank Nuri with 500,000 user files for insolvency

Nuri said he faced "sustained pressure" on his trading liquidity in 2022 due to "significant macroeconomic headwinds and the cooling of public and private capital markets.”

Nuri, a German crypto-banking startup with 500,000 customers, filed for insolvency on Tuesday, citing large crypto selloffs, the insolvency of Celsius and other crypto funds earlier this year as the reason for this decision.

The crypto bank said the move will “guarantee the safest path” for all of its customers, but also stressed that insolvency would not affect its services, customer funds, investments, or the ability to clients to withdraw their assets from the platform.

Nuri filed for bankruptcy on Tuesday, August 9, 2022. This does not affect our services, client funds or investments. You can find a full statement of this situation on the Nuri Blog: https://t.co/UgAyckWE7J

Some customers have reported difficulty withdrawing their assets through Nuri's mobile app; however, Nuri on Twitter said this was a result of high traffic and usage and again stressed that "funds are safe".

Notably, the company itself does not manage client fiat and crypto funds due to a partnership with Solarisbank AG. According to the Solaris Group website, Nuri has partnered with the bank and its crypto subsidiary Solaris Digital Assets to outsource banking and crypto custody licensing.

This allowed Nuri to scale its operations and services using Solaris banking and crypto asset infrastructure/licensing. With Solaris facing no liquidity issues, Nuri is essentially able to continue its services while the company undergoes restructuring, unlike other companies that have