Crypto exchange Nuri files for insolvency in Germany

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

FRANKFURT, Aug 9 (Reuters) - The crypto exchange Nuri GmbH has filed for insolvency with a Berlin court, the company said in a statement on Tuesday, the latest in a string of failures to hit the sector.

The company, founded in 2015, said the sell-off in the cryptocurrency market, the bankruptcy of the Celsius network, and uncertainty in financial markets forced it to take the step. read more

It said customers would still have access to their deposits.

Handelsblatt first reported the development.

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Reporting by Marta Orosz; writing by Tom Sims; Editing by Christph Steitz and David Evans

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