We would like to inform you about an important development that does not affect our services, funds or investments with Nuri. Nevertheless it is of great importance to us to provide this update to you straight away: 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. This step became necessary to ensure the safest path forward for all our customers.
What does this mean for you?
Let us reiterate the most important information for you: All funds in your Nuri accounts are safe due to our partnership with Solarisbank AG. The temporary insolvency proceedings do not affect your deposits, cryptocurrency funds and Nuri Pot investments which have been done with us. Your Euro deposits in the Bank Account, Bitcoin and Ether deposits in Wallets & Vaults, and the Nuri Pot investments are not affected by this situation. You have guaranteed access and will be able to deposit and withdraw all funds freely at any time. For the time being, nothing will change and Nuri’s app, product and services will continue to run.
To answer the most urgent and frequently asked questions you may have, we prepared FAQs here.
Why Nuri filed for insolvency?
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. Due to the ongoing after-effects of the Corona pandemic and the economic and political uncertainties in the markets after Russia`s invasion of Ukraine, we have been facing significant macroeconomic headwinds and the cooling down of public and private capital markets. Additionally, various negative developments in the crypto markets earlier this year, including major cryptocurrency sell-offs, the implosion of the Luna/Terra protocol, the insolvency of Celsius and other major Crypto funds have led to a crypto bear market.
Nuri has always been a frontrunner of innovation: Our vision is a world in which everyone is empowered to build their financial future. We are confident that 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.
Your Team Nuri