Bitwala’s Resurgence: A Strategic Partnership with Striga Ignites a Comeback
Bitwala, the European crypto-banking platform that faced a setback with its rebranding to Nuri and subsequent insolvency in 2022, is making a surprising comeback. The resurgence is made possible through a strategic partnership with Striga, a banking infrastructure company specializing in fintechs and digital asset services.
The joint announcement to Cointelegraph on Nov. 8 revealed that Bitwala is re-entering the market under its original name, signaling a return to its roots after facing challenges and shutting down operations last year. The collaboration with Striga provides Bitwala with “Banking and Crypto-as-a-Service,” a vital component for the crypto banking app’s trading and card-issuing functionality.
Bitwala’s CEO, Dennis Daiber, highlighted the hurdles the company faced during its rebranding phase as Nuri, citing liquidity issues triggered by the Terra crash and external market events that impacted investor confidence. The insolvency led to the shutdown of operations and the return of customer funds.
The new partnership with Striga is seen as a strategic move to address regulatory challenges. Striga is offering compliant digital assets and banking infrastructure “out of the box,” eliminating the need for Bitwala to handle regulatory burdens. This aligns with Bitwala’s focus on simplifying its product and returning to its core offering of buying and selling crypto.
Bitwala’s relaunched app is now accessible in 29 countries within the European Economic Area, allowing users to buy and sell Bitcoin and Ether with the euro using Single Euro Payment Area transfers. Future plans include integrating the Lightning Network and introducing a crypto-backed Visa debit card, both developed in collaboration with Striga.
This comeback marks a significant milestone for Bitwala, emphasizing the resilience of the firm despite past challenges. The emphasis on self-custodial wallets and a commitment to the simplicity of trading Bitcoin highlight Bitwala’s dedication to its mission, and the partnership with Striga positions the platform for a promising return to the European crypto landscape. As Bitwala CEO Dennis Daiber notes, “We have a small, extremely talented team of senior engineers that have built the product over the last years, and we are building for the crypto natives.”