German crypto exchange Nuri files for insolvency, citing bear market, macro uncertainties

Nuri GmbH, a German-based cryptocurrency exchange, has filed for insolvency, noting the ongoing digital asset market downturn as well as a raft of macroeconomic uncertainties.The company, founded in 2015, initiated insolvency proceedings with the Berlin Court, according to a release Tuesday.In reference to the implications of the temporary insolvency, it won't impact Nuri customers' funds on Bank Account (Euro), Crypto Wallets & Vaults (Bitcoin & Ether) nor Nuri Pot Investments, the release said.Furthermore, users still have guaranteed access to the platform, and will be able to withdraw all funds at any time."We are confident that the insolvency proceedings offer the best basis in the company's current situation for developing a viable long-term restructuring concept," said Nuri CEO Kristina Walcker-Mayer.In July, Voyager Digital filed for Chapter 11 bankruptcy.