Cryptocurrency exchange Nuri has filed for insolvency in Berlin, according to a court filing.
Founded in 2015 and previously known as Bitwala, the company offers brokerage of transactions in cryptocurrencies.
The firm said that the decision to file for insolvency came down to both the decrease in the crypto market and the collapse of the Celsius Network.
Over the past nine months, the price of Bitcoin (BTC) has dropped drastically from $69,000 to $17,000 causing difficulties for companies worldwide.
Three Arrows Capital (3AC) the Singapore-based crypto hedge fund also filed for bankruptcy during the downward spiral, as did Voyager Digital which faced similar struggles.
Many organizations and exchanges had to cut workforces considerably to sustain and maintain their company’s position in the industry.
Coinbase made 1,100 redundancies while Gemini axed 10% of its staff members, followed by Opensea removing 20%.
Nuri has announced that its users can still access their deposits, according to Reuters.
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