Bitwala Makes a Comeback: From Insolvency to Crypto Redemption

Bitwala Rebrands with Striga Partnership to Revolutionize Crypto Banking

Bitwala, a crypto banking app, has relaunched through a new partnership with Striga.

Imagine a phoenix rising from the ashes, but instead of feathers and fire, it’s clad in cryptocurrencies and banking services. That’s right, Bitwala, the European cryptocurrency platform formerly known as Nuri, is back in action! After a tumultuous journey that involved filing for insolvency and shutting down operations, Bitwala has resurrected itself with a new partnership and a renewed mission.

Bitwala’s revival is made possible through its collaboration with the banking infrastructure company Striga. Together, they are introducing “Banking and Crypto-as-a-Service,” a powerful combo that will allow Bitwala to leverage Striga’s expertise in trading and card-issuing functionality. Dennis Daiber, the CEO of Bitwala, couldn’t contain his excitement as he exclaimed, “We’re back, baby!”

But let’s rewind a bit to understand the rollercoaster ride that led to Bitwala’s temporary demise. Last year, the company, then operating under the name Nuri, faced liquidity issues in the midst of a crypto bear market caused by the Terra crash. This unfortunate chain of events forced Nuri to file for insolvency and bid farewell to its 500,000 users, asking them to withdraw their assets before the year-end deadline. It was like a sad farewell party, but without the drinks and party hats.

So why did things go south for Nuri? Well, according to Daiber, they had all the necessary documents, audits, and approvals, but what they lacked was a cool 50 million euros for liquidity coverage ratio and runway. It’s like having a ticket to the moon but forgetting to bring your spacesuit. To make matters worse, other events in the crypto world, such as Celsius, FTX, Terra/Luna, and Ukraine, happened, causing investors to shy away from supporting Nuri financially. And just like that, the well ran dry, leaving Nuri high and dry.

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But let’s not dwell on the past, because here comes Striga to save the day! The partnership with Striga has provided Bitwala with compliant digital assets and banking infrastructure “out of the box,” freeing them from regulatory burdens. Picture it as an all-you-can-eat buffet, but instead of food, it’s a feast of regulatory compliance. Striga, with its financial services infrastructure, is the secret sauce that will fuel Bitwala’s resurgence and satisfy the crypto cravings of its users.

In its rebirth, Bitwala’s app is already available in 29 countries within the European Economic Area. It’s like having a teleportation device that instantly transports you to a crypto wonderland. Users can conveniently buy and sell Bitcoin (BTC) and Ether (ETH) using Single Euro Payment Area transfers. But wait, there’s more! Bitwala has plans to integrate the Lightning Network, adding an electrifying twist to their services. And that’s not all! They’re also cooking up a crypto-backed Visa debit card, so you can spend your digital assets with the swipe of a card. Now that’s what we call crypto convenience.

The return of Bitwala marks a major milestone in the company’s history. It’s like a superhero comeback, but instead of capes and masks, it’s powered by blockchain and innovation. Bitwala’s resilience in the face of adversity and its unwavering commitment to Bitcoin-minimalistic beliefs are truly commendable. The company’s founders, including the crypto-savvy Jan Goslicki, have been on this mission since 2015. And now, armed with the self-custodial Wallet, Bitwala aims to provide 100% secure self-storage of users’ crypto. It’s like Fort Knox for your digital treasures, ensuring they are safe and sound.

So, dear readers, as we witness Bitwala’s glorious return, let’s raise a glass (or a digital wallet) to their resurgence. Cheers to Bitwala, the phoenix of the crypto world, rising from the ashes of insolvency to deliver innovative banking services to digital asset enthusiasts. May their journey be filled with prosperity, blockchain breakthroughs, and the occasional cosmic collision that brings us all closer to the future of finance.

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