Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year for startups in the industry. Customer access to the platform’s services and their funds will not be affected, the company assured.

Crypto Exchange Cites ‘Lasting Strain on Liquidity’ as Reason for Insolvency Filing

Berlin-based crypto exchange Nuri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. The company made the move on Tuesday, Aug. 9, after unsuccessful attempts to secure a new financing round, the business newspaper Handelsblatt reported, noting that Nuri is the first German fintech to file for insolvency due to the latest crypto market slump.

In a statement, the exchange remarked that 2022 has been a challenging year for startups, especially those working with financial technologies, due to the effects of the Covid-19 pandemic, political uncertainties and most recently, Russia’s military invasion of Ukraine.

In addition, negative developments in the crypto space, including major sell-offs, the implosion of the Terra/Luna protocol, and the insolvency of Celsius and other crypto funds have led to a bear market, Nuri said, explaining:

We proceeded with the filling in due time to stay ahead of a lasting strain on the liquidity of our business.

Nuri Clients to Deposit and Withdraw Without Restrictions

The coin trading platform insisted that the filing will not affect its products and services, clients’ funds or investments. Customers will continue to have unimpeded access to their accounts and be able to deposit or withdraw all funds at any time, thanks to a partnership with Solarisbank. This applies to both cryptocurrency holdings and euro deposits.

The crypto exchange also emphasized it remains confident that the temporary insolvency proceedings offer a basis for developing and implementing a long-term restructuring plan. Nuri launched in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala.

“This step became necessary to ensure the safest path forward for all our customers,” the company reiterated, and promised its team will do everything possible to ensure that its products and services continue to serve present and future customers.

Do you expect other German crypto companies to file for insolvency? Let us know in the comments section below.

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Learn how you can use ENS to become rich

We all love to reap the benefits of advanced technologies, but anyone hardly ever wants to deal with the technical complexities that come with them. To search for websites and URLs, just as DNS was created to make the numbered address easier for human access, similarly, ENS is a protocol that links machine-generated codes to human-friendly names.

A crypto wallet user still can’t send or receive digital assets by simply typing in another user’s name. This practice might change though thanks to the rise of Ethereum Name Service (ENS), a blockchain-powered service that recently registered its one millionth domain name. Currently, there are more than one million active ENS domains, and thousands of new domains are being registered through the platform daily. ENS domains that consist of four digits or fewer are the most popular, likely due to their rarity. Only 10,000 of these exist, and they sold out within six hours of their release. Some have recently sold on secondary for amounts up to 90 ETH (about $255,000).

The system has been going for a few years and was even funded by Ethereum itself. But while the Ethereum Name Service is based on the Ethereum blockchain, it doesn’t only use Ether. You can send and receive pretty much any kind of cryptocurrency with the system’s wallets, although the service’s annual fees are payable in Ether. The system’s own token, ENS, is only used for governance purposes at present. It is only recently, though, that ENS has been available on the open market, which makes an Ethereum Name Service price prediction tricky, because there is fewer data to go on, meaning less of a percentage time frame to transfer forward.

According to the ENS technical documentation, the naming system was developed to “map human-readable names like alice.eth to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata”.

Even though past performance is never any indication of future results, especially when there is relatively little to go on, if we are trying to estimate the coin’s future worth then the Ethereum Name Service price history is still worth looking at to see how ENS has responded to various market activities over the past few months. The Ethereum Name Service coin has been trading openly since the end of 2021. When it came out on 9 November that year it was worth $33.66 and, even though it fell to an intraday low of $22.92, it rebounded to close the day at $43.66.

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In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have been struggling.

The bear market has been quite rough this year, and many tokens have not been spared from the onslaught. Some have crashed like Luna, and others that remain afloat have fallen more than 50% from their previous all-time highs.

Among those tokens that have taken a hit are Litecoin (LTC) and Polkadot (DOT), two currencies that have had a good run since their launch. In this article, we examine why the newest coin on the block, Degrain (DGRN), has been thriving while Litecoin (LTC) and Polkadot (DOT) have been struggling.

Litecoin (LTC): Investors are still waiting for a proper signal

Litecoin (LTC) is currently down more than 85% from its all-time high of $412.96 a year ago, but investors have hopes that there will be a pump soon. Litecoin (LTC) was created to provide fast, secure, and low-cost payments.

In recent weeks, the volume of the Litecoin (LTC) token has increased, and it has also caused an increase in volatility. It has made those waiting on it extra bullish, but experts say Litecoin (LTC)  is too soon to tell whether it is rallying for a pump or quick fall and have urged traders to wait patiently for a proper indication.

Polkadot (DOT): May be a good term long-term investment

Polkadot (DOT) is an open-source, sharded multichain protocol that connects and secures a network of specialized blockchains, enabling the cross-chain transfer of any data or assets, including tokens.

This important feature allows blockchains to be interoperable with each other, which is why many refer to Polkadot (DOT) as a decentralized internet of blockchains i.e. web3. Many experts believe Polkadot (DOT) can make a good long-term investment because of the knowledgeable team backing it.

They have predicted Polkadot (DOT) to rise to $14 this year and have claimed there could even be a further increase in 2023, but will the bear market allow this?

Degrain (DGRN): The popular new kid on the block

Degrain (DGRN) is the native currency for Degrain’s upcoming cross-chain NFT marketplace. It aims to work with real-world companies and distribute platform revenue to investors and token stakers – something that analysts have praised. It is currently in Phase Two of its presale and is certainly a worthy investment in our eyes.

Degrain (DGRN) has already passed its audit and with liquidity being locked for 10 years, it has ambitious plans to become a dominating protocol within the cryptocurrency industry.

The token is currently trading for $0.085, however, we strongly believe that it could see a rise to $0.55 (~7,000%) by the end of 2022 or early 2023, once the presale ends.

Website: https://degrain.io

Presale: https://presale.degrain.io

Telegram: https://t.me/degrainio

Twitter: https://twitter.com/degrainio

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