German Crypto Exchange Nuri Files for Insolvency

Customers will still be able to withdraw deposits, Nuri confirmed


Source: DALL·E


key takeaways

  • The exchange has struggled to find new investors since its latest Series B round in 2021
  • The company says the bear market and political uncertainties have played a role in its insolvency

Nuri, one of Germany’s largest crypto exchanges, is the latest company in the digital assets sector to file for insolvency amid turbulent market conditions. 

Customers can still make withdrawals, the startup said in a statement. The insolvency proceedings will not affect any deposits, cryptocurrency funds or Nuri Pot investments, according to the company.

“For the time being, nothing will change and Nuri’s app, product and services will continue to run,” the statement said.

Added the company: “Due to the current challenging market developments and subsequent effects on financial markets on Nuri’s business development, we have filed for insolvency on Tuesday 9. August 2022.”

The Berlin-based exchange has been struggling to find investors after its latest Series B in June 2021, t3n, a local German tech news website reported. Since its initial launch in 2015 under the name Bitwala, the company has received a total of 42.3 million euros ($43.1 million) from investors in eight rounds of funding. 

The exchange has over 500,000 customers — making it one of the larger players in Germany, albeit one of the world’s smaller such entities. 

Nuri has pinned its downfall on the crypto sell-offs and the collapse of cryptocurrency lender Celsius. Those factors — piled with the coronavirus pandemic, economic and political uncertainties due to the Russian invasion of Ukraine, plus cooling funding — have all played a role, the company said.

“We proceeded with the filling in due time to stay ahead of a lasting strain on the liquidity of our business. 2022 has been a challenging year for the startup ecosystem globally, especially for fintechs,” the exchange said.

The company said the insolvency filings are “temporary” and it is currently looking for a “viable long-term restructuring concept in the company’s current situation.”

Nuri is the latest cryptocurrency exchange to have been affected by the bear market. Recently, Singapore-based Zipmex, a Jump Crypto-backed exchange suspended withdrawals as it struggled with liquidity.

But not all hope is lost — crypto companies with larger cash reserves have stepped in to acquire struggling competitors. Last month, FTX reached a deal to acquire troubled lender BlockFi for up to $240 million — and had also made deals to purchase Bitvo and Embed Financial earlier in June.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million