German fintech Nuri files for insolvency

German fintech firm Nuri, formerly known as Bitwala, filed for insolvency at a Berlin court on Tuesday.  

The company filed for insolvency to “stay ahead of a lasting strain on the liquidity of [the] business,” Nuri wrote in a blog post. Amont other issues, the firm mentioned the Terra/Luna collapse and crypto lending firm Celsius’ insolvency as reasons behind the filing. 

Read more: The Block