Nuri, a Berlin-based neobank, has formally shut down, citing “insuperable” obstacles that prevented the firm from obtaining new funding or finding an acquirer. Nuri, formerly known as Bitwala, filed for bankruptcy in August of this year after laying off 20% of its workers as the company suffered with the drop in bitcoin values. Since then, the firm has been working “very closely” with its insolvency administrators on a restructuring plan in order to find a possible acquisition, according to Nuri. Customers were assured that all assets in their accounts were safe and untouched by the company’s insolvency and that they may continue trading in cryptocurrency until the end of November.
