German Crypto Exchange Nuri Shuts Down

Nuri — formerly Bitwala — filed for insolvency in August and has struggled to find investors since its latest Series B in June


Blockworks exclusive art by axel rangel


key takeaways

  • Trading will remain possible until Nov. 30
  • Customers have until Dec. 18 to withdraw funds

German cryptocurrency exchange Nuri has closed its business after struggling to find investors.

The Berlin-based exchange with over 500,000 customers filed for insolvency in August after “challenging market developments and subsequent effects of financial markets,” the company said in an earlier statement

Customers have been asked to withdraw funds by Dec. 18 and trading will still be possible before Nov. 30, Kristina Walcker-Mayer, CEO of Nuri, said in a blog post.

“We recommend you withdraw all funds in your Nuri account as soon as possible,” the company said. “After the closure of the Nuri app, you will not lose your funds. But you’ll need to contact the respective partners and go through a manual process to withdraw them.”

Nuri has partnered with European mobile crypto and banking app Vivid Money GmbH to enable its customers to continue to trade cryptocurrencies. All Nuri users will be given an exclusive offer and transfer of funds and assets, according to the company.

The cryptocurrency exchange was founded in 2015 under the name Bitwala. It has received a total of 42.3 million euros ($43.1 million) after eight funding rounds, but has struggled to find investors after its latest Series B in June, according to reports from German tech news website t3n. 

“The challenges have become insuperable due to the tough economical and political environment of the past months, which kept us from raising new funds or finding an acquirer,”  Walcker-Mayer said. “On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge.”

Nuri is not the only cryptocurrency exchange that has been affected by the crypto bear market — many exchanges including Coinbase, Gemini, Robinhood, and BlockFi have all had to cut staffing after suffering significant losses.

Walcker-Mayer concluded her statement by thanking Nuri staff, customers and investors for  their support.

“You went through very tough times with us since the beginning of the year and constantly rolled up your sleeves to face the next challenge together, constructively and positively. It was an honour to work with you. Every single day,” Walcker-Mayer said.

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   Grow your network […]

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

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX


Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?


Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says


Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say


Jump Crypto is the trading firm at the center of Terra-related market manipulation allegations


Funds tied to Coinbase co-founder Fred Ehrsam have made the most of the COIN rollercoaster