Nuri, a Berlin-based fintech company offering similar services to Revolut, filed for bankruptcy today.
Some news outlets have labeled Nuri as cryptocurrency exchange, but Nuri is more of an online banking app that allows savers and investors to manage their money as well as purchase stocks, bitcoin and crypto.
One key difference to other insolvencies, such as in the case of Celsius, Voyager Digital and Hodlnaut, is that according to Nuri’s website all depositor funds are insured by Solarisbank AG.
This means, according to reports and official announcements, withdrawals are not halted.
The official press statement reads:
“Your Euro deposits in the bank account, all Bitcoin and Ether deposits in wallets & vaults as well as the Nuri Pot investments are not affected by this situation. You still have guaranteed access to your money and can deposit and withdraw it at any time”
The company cites the challenging macroeconomic backdrop as the reason for its insolvency. Specifically, the official statement mentions the Terra/Luna collapse, insolvencies at Celsius and Three Arrows Capital as well as the general bitcoin and crypto bear market.
The exact exposure that Nuri had to Terra and Luna, Celsius or Three Arrows Capital is unknown.
The company mentioned in a recent FAQ that its custodial wallets were managed by a third party called Solaris Digital Assets GmbH (SDA), which Nuri has no control over and remain unaffected by the insolvency.
Nuri also offered non-custodial bitcoin wallets to German users, which means as long as investors have their private keys, they can withdraw their bitcoin anytime.
It looks like the insolvency of Nuri might pan out a lot less dramatic than that of Celsius, Three Arrows Capital, Voyager Digital and Hodlnaut. Nuri seemed to have solid and real insurance in place for its depositors and provided wallet software to users to hold bitcoin in self-custody.
