Germany-based fintech startup Nuri, which is focused on cryptocurrencies, will go into liquidation in late November after failing to raise funding.
Nuri’s 500,000 customers have reportedly been advised to withdraw funds by December 18.
Digital assets trading will be available until November 30. According to the bank, all assets are safe.
The startup filed for bankruptcy last August 10 due to macroeconomic challenges, the cooling of capital markets and the crypto winter caused by the collapse of Terra, Celsius and Three Arrows Capital.
The bank’s CEO Kristina Walcker-Mayer has said:
“Due to the tough economic and political environment, we were unable to find a buyer or raise funds. In addition, the insolvency of one of our main business partners has significantly worsened the situation.”