Monday, March 20, 2023

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German Crypto Company Decides To Cease Operations

German cryptocurrency platform Nuri will cease its operations from the end of November, according to the announcement made today. Accordingly, all customers were requested to withdraw their funds by December 18. Nuri could not stand the difficult market conditions any longer and had to file for bankruptcy in August. In the process, the platform knocked on the door of venture capital companies to improve its financial situation, but did not receive a positive response. Finally, the company, which sought foreign investment support to continue the structuring process, could not find support at this point either.

Kristina Walcker-Mayer, CEO of the German crypto company, added in a statement that they tried hard to continue their activities in the last 3 months, but they could not find a potential buyer to get out of the financial crisis.

Nuri had a close working relationship with Celsius Network

The main reason why the crypto company went bankrupt is attributed to its business relationship with another bankruptcy filing crypto lender Celsius Network. As a result, with the collapse of the Terra ecosystem, it seems that the on-chain effect continues negatively between crypto companies. After the collapse in May, many companies that were in relationship with each other fell into a difficult situation. The negative market conditions in the second half of 2022 dragged crypto companies that were in the process of restructuring into a dead end.

Germany-based crypto company Nuri has decided to liquidate the company while it is unable to manage the bankruptcy process. However, in the statement made, it was announced that the accounts of the customers are safe and the users will not be affected by the company liquidation.

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