Nuri, a German cryptocurrency-focused neobank, has set December 18 as the date it will stop accessing its platform and find ways to liquidate its assets.

in a open letter For its workers, key stakeholders and the general public, Nuri CEO Kristina Walcker-Mayer described how the company’s attempt to find additional financing or a buyer had been futile considering the current economic difficulties in the financial ecosystem. global as a whole.

Founded in 2015 as BitwalaNuri occupies a very important position in the cryptocurrency ecosystem and offers a regulated platform that allows clients to invest in Bitcoin (BTC) and Ethereum (ETH) among others.

The company raised the sum of $45 million from major investors including Coparian, Earlybird Venture Capital and Sony Financial Ventures according to Dealroom data. Apparently, in the wake of the crypto winter and the mishap that befell its key business partners, the longevity of the startup was put at risk.

“This year, the challenges have become insurmountable due to the difficult economic and political environment of the last few months, which prevented us from raising new funds or finding a buyer. Additionally, the insolvency of one of our major business partners made the situation significantly worse and put us on edge,” Kristina said in her letter.

The company had already declared insolvency and although it was given 3 months to restructure its business, the failure to get a sponsor now means the end of the road for the company.

Plans to liquidate the business, according to Kristina, are not affecting its commercial viability at the moment and, unlike other global players such as Voyager Digital who stopped withdrawals, Nuri will allow its clients to withdraw their funds until the stipulated time. The CEO also assured that business activities will continue as usual until the end of November.

In all, he thanked clients, investors and workers whose future remains quite uncertain at this point.

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