Berlin-based digital bank Nuri files for insolvency

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Berlin-based digital bank Nuri files for insolvency

By Alexandra Leonards

10/8/2022

German online bank Nuri has filed for insolvency.

The bank said that the move was driven by the ongoing after-effects of the Coronavirus pandemic, as well as the economic and political uncertainties in the markets after Russia's invasion of Ukraine.

It also attributed the insolvency to a number of negative developments in the crypto markets earlier in the year, including major cryptocurrency sell-offs, the implosion of the Luna/Terra protocol, the insolvency of Celsius, and other major Crypto funds, which it said had led to a "crypto bear market".

Nuri said that it was confident the temporary insolvency proceedings "offer the best basis for developing a viable long-term restructuring concept in the company's current situation".

"We will do everything in our power to ensure our vision, products and services, continue to serve you and future customers," said the bank.

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