- After rebranding as Nuri in 2021, Bitwala declared bankruptcy in August 2022.
- Established in 2018, Striga is a provider of banking and cryptocurrency infrastructure.
Bitwala, previously known as Nuri, is relaunching as a cryptocurrency banking platform in Europe after having shut down and returned client assets in 2022. On November 8th, Bitwala and the banking services provider Striga announced that they will be resuming business activities under the Bitwala brand.
Moreover, Bitwala CEO Dennis Daiber claimed that as part of the cooperation, Striga is offering the cryptocurrency banking app with “Banking and Crypto-as-a-Service,” allowing it to make use of Striga’s trading and card-issuing features.
After rebranding as Nuri in 2021, Bitwala declared bankruptcy in August 2022 due to liquidity problems in the midst of a large crypto downturn caused by the Terra collapse. The company announced its closure in October 2022, giving its 500,000 customers till the end of the year to retrieve their funds.
Daiber stated:
“We wanted to build a bank. We had all the documents, audits, applications and approvals — the only thing missing was 50 million euros for liquidity coverage ratio and runway.”
Eyeing Fresh Start
According to the press release, Bitwala’s biggest problem has been addressed thanks to the Striga cooperation, which provides fully compliant digital assets and banking infrastructure right out of the box, without the need to deal with any regulatory obligation.
Established in 2018, Striga is a provider of banking and cryptocurrency infrastructure. Also, the Estonian company is a wholly owned subsidiary of Lastbit, Inc., a Delaware corporation based in the United States.
According to the release, the Bitwala app is now available in 29 EU member states, enabling users to purchase and sell Bitcoin and Ether using euros via Single Euro Payment Area transactions. Moreover, integration of the Lightning Network and the introduction of a Visa debit card backed by cryptocurrency are both in the works as part of the platform’s future development in tandem with Striga.
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