European cryptocurrency banking platform Bitwala is making a comeback
Bitwala, the European cryptocurrency banking platform formerly known as Nuri, is relaunching its operations after ceasing activities and returning customer funds last year. The company has partnered with banking infrastructure firm Striga to relaunch under its original name, according to a joint announcement to Cointelegraph on Nov. 8. Striga will provide Bitwala with "Banking and Crypto-as-a-Service," allowing the crypto banking app to leverage its trading and card-issuing functionality. Bitwala, which rebranded as Nuri in 2021, filed for insolvency in August 2022 due to liquidity issues caused by the Terra crash. The company closed down in October 2022, asking its 500,000 users to withdraw their assets.
Striga partnership solves key challenges for Bitwala
The partnership with Striga has helped Bitwala overcome one of its main challenges by providing compliant digital assets and banking infrastructure, eliminating the need for handling regulatory burdens. Striga, incorporated in Estonia and a subsidiary of Lastbit in the US, offers financial services infrastructure for companies in crypto and banking. The relaunched Bitwala app is now available in 29 countries within the European Economic Area, allowing users to buy and sell Bitcoin (BTC) and Ether (ETH) with the euro using Single Euro Payment Area transfers. Future plans for the platform include integrating the Lightning Network and introducing a crypto-backed Visa debit card, in collaboration with Striga.
A major milestone for Bitwala
The return of Bitwala is a significant milestone for the firm, which has faced numerous challenges since its establishment in Germany in 2015. Bitwala is remembered for partnering with now-bankrupt crypto lender Celsius to offer annual interest on Bitcoin in 2020. The relaunched product will focus on the self-custodial Wallet, providing secure storage for users' crypto. Bitwala CEO Dennis Daiber emphasized the company's commitment to enabling everyday usage of Bitcoin through on- and off-ramps, as well as through the Visa card, which will be launched later this week.
