German crypto bank Nuri has told its 500,000 customers to withdraw their funds as the institution prepares to shutter operations.
The firm is the latest cryptocurrency company to not have been able to withstand the period described as “crypto winter”.
Unlike many others, including Celsius, Nuri was able to actually guarantee the liquidity of its customers’ funds and had not misused them to cover up for gaping deficits.
Other companies have been less kind to their consumers and investors.In a blog post published earlier this week, Nuri CEO Kristina Mayer said that the company had tried everything to remain operational, but that it would not be possible after all.
Mayer said in a tweet: “Nuri is closing down its business operations. We ask our customers to withdraw their funds and assets as of 18.12.2022. Thank you for having been part of the Nuri community!”
Customers will have the opportunity to withdraw their funds by December 18, 2022, with trading still available through November 30, 2022.
Nuri sets a very good example of how such shutdowns should happen. When Terra Labs and Celsius Network began to disintegrate, the market rout was merciless.
Companies played coy and said that they would not be able to allow their customers to withdraw their funds or limited their withdrawals.
Nuri has bucked the trend showing that it’s possible to do right by customers while, at the same time, maintaining business integrity and attempting to navigate out of a difficult situation.
Nuri had to file for temporary insolvency in August, but it managed to overcome that. Nuri, though, may be bearing the yoke for others.
Nuri is said to have been unable to continue because of the high-handedness and lack of business acumen by an anonymous partner. This partner, though, many have speculated may be Celsius Network.
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