Nuri Relaunches as Bitwala: A Comeback in the Crypto Banking Sector

Published 5 months ago

The German crypto-focused bank, Nuri, has re-emerged from insolvency and relaunched under its original name, Bitwala. The bank had filed for insolvency in August 2023, following the announcement of a 20% workforce reduction to achieve profitability. Seemingly closing its doors for good, it returned outstanding funds to its half a million customers.

A Renewed Focus on Core Services

Bitwala’s relaunch is centered around a renewed emphasis on its primary service — buying and selling cryptocurrencies. “Buying and selling crypto has always been at the heart of Bitwala’s business,” said Jan Goslicki, Bitwala’s chief experience officer. “The truth is that everyone wants to buy BTC and sell it when the price rises.”

Streamlined Service with Striga

The comeback includes a shift in regulatory responsibility. Instead of relying on Solarisbank, as it did in its previous operations, Bitwala is now using a compliant infrastructure package from Striga. This change allows Bitwala to shed the licensing and regulatory burdens.

Expanded Availability and Future Plans

Bitwala’s app is currently live in 29 countries across the European Economic Area (EEA), giving users access to bitcoin and ethereum. These cryptocurrencies can be exchanged for the euro and transferred using Sepa transfers. Bitwala, in collaboration with Striga, has plans to integrate the Lightning Network and introduce a crypto-backed Visa debit card.