The crypto banking app Bitwala has returned to the European crypto space after being out for almost a year. Formerly Nuri, the platform halted operations and later refunded its customers in 2022.
Bitwala’s comeback came through its new collaboration with the compliant crypto and banking APIs, Striga.
Bitwala Returns to Continue Operations on Crypto Buying and Selling
Bitwala is returning to the crypto space after its one-year absence in the field. The firm aims to reclaim its position in the space where it existed as the goliath of crypto banking in both Germany and Europe.
Continuing our journey with #Striga, we’re committed to delivering reliable and compliant #crypto banking services. Stay updated with how our collaboration is progressing: https://t.co/0EWflotkmq #Bitwala #BlockchainBanking“
— Bitwala (@Bitwala) November 8, 2023
Through the relaunch, Bitwala targets to continue its core services that focus on buying and selling crypto assets. Bitwala’s Chief Experience Officier, Jan Goslicki, spoke about the firm’s focus on its relaunch. He noted that they explored the market to ensure they remained on track in the business operations.
Goslicki stated:
Buying and selling crypto has always been at the heart of Bitwala’s business. While we’ve explored various use cases in the market, the truth is that everyone wants to buy BTC and sell it when the price rises.
Bitwala’s comeback is a remarkable achievement given that it has battled with different storms since emerging in 2015 in Germany. By January 2018, Visa stopped its deal with Bitwala’s card provider, WaveCrest. The incident affected Bitwala, shutting down its services.
Amid its issues, Bitwala showed signs of recovery by joining the European Fintech Alliance later in the year. In November 2018, it raised 4 million euros to support its relaunch.
It rebranded to Nuri in 2021 to continue its services but still relapsed as it filed for bankruptcy in 2022.
Then, the firm revealed that it couldn’t continue business due to liquidity issues coupled with the prevailing bearish trend in the crypto market as of 2022. In October 2022, the firm halted operations and told its users to withdraw their funds before the end of the year.
Bitwala’s Partnership with Striga Aids Its Return
Through its partnership with Striga, Nuri is returning to the stage using its initial identity as Bitwala. The collaboration wades off some of the major challenges Bitwala encountered in its operation.
Striga offers compliant digital assets and banking infrastructure in the pathway. This eliminates the need for Bitwala to tackle regulatory issues in the course of its operations.
Notably, Striga is a compliant banking infrastructure firm for digital assets services and fintech.
So, Striga will provide Bitwala with native users’ onboarding, crypto and fiat wallets, and crypto-backed Visa debit cards. Also, Bitwala customers will enjoy seamless crypto-to-fiat and fiat-to-crypto ramping through the partnership.
