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Nuri Exchange Keeps Deposits Open Despite Filing for Insolvency

German cryptocurrency exchange Nuri has filed for insolvency with a court in Berlin, becoming the latest in a string of digital assets platforms to face credit issues.

The post Nuri Exchange Keeps Deposits Open Despite Filing for Insolvency appeared first on BeInCrypto.

German cryptocurrency exchange Nuri has filed for insolvency with a court in Berlin, becoming the latest in a string of digital assets platforms to face credit issues.

The company, founded in 2015, decided to proceed with the filling “to stay ahead of a lasting strain on the liquidity of our business,” according to a press release. 

“We have been facing significant macroeconomic headwinds, and the cooling down of public and private capital markets,” Nuri said, due to the ongoing after-effects of the coronavirus pandemic and the subsequent economic and political turmoil caused by Russia’s invasion of Ukraine. 

According to Nuri, these market developments have made it a challenging year for the startup ecosystem globally. This has especially been the case for cryptocurrency firms, with such cases as the collapse of the TerraUSD stablecoin, as well as the insolvency of Celsius and other major crypto funds earlier this year.

Even more recently, crypto brokerage firm Voyager Digital filed for Chapter 11 bankruptcy following a suspension on deposits and withdrawals. It was later granted approval to return $270 million worth of funds back to customers. Meanwhile, Binance-owned WazirX in India has had to endure raids and freezes on the accounts of its executives.

Nuri says deposits are safe

However, unlike other such crypto platforms facing difficulties, Nuri insists that the temporary insolvency proceedings would not affect its customers’ deposits. The company maintains its guaranteed access for customers to be able to deposit and withdraw all funds freely at any time.

The company also stressed that euro deposits, Bitcoin, and Ether deposits in wallets and vaults, as well as cryptocurrency funds Nuri Pot investments would not be affected by the situation.

In fact, the company said that for the time being nothing would change on its app, which will continue to offer products and services.

The post Nuri Exchange Keeps Deposits Open Despite Filing for Insolvency appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares

Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’…

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

  • Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’ James Butterfill says the low inflows suggest there’s “continued investor hesitancy.”

The crypto market has struggled to tag a positive sentiment, with September again proving a tricky month for bulls as prices remained largely within a long term downtrend going back to November 2021.

So while institutional investors continue to size up opportunities in the digital assets sector, flows into investment products have significantly remained low over the past few weeks.

James Butterfill, Head of Research at digital asset manager CoinShares, says the low inflows seen last week imply a “continued hesitancy” from investors.

Butterfill shared the outlook in the latest edition of the “Digital Asset Fund Flows Weekly Report”, which CoinShares published on Monday.

Crypto funds see third week of inflows

Fund outflows year-to-date are at more than $42 million, with the past three weeks seeing positive flows.

According to Butterfill, the low flows suggest institutional investors are still weighing up the market, particularly given the global macroeconomic environment.

Digital asset investment products saw inflows totaling $10.3 million last week representing the third week of inflows. The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were $886 million for the week, the lowest since October 2020,” Butterfill wrote.

Bitcoin recorded minor inflows for a third week in a row, with $7.7 million (short bitcoin saw inflows of $2.1 million). Meanwhile, Ethereum registered $5.6 million in inflows last week to post a second positive week – but short Ethereum products hit outflows of $0.9 million.

Across the altcoin market, negative sentiment saw investors pull $3.5 million. Top outflows were in Polygon, Cardano and Avalanche.

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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