Back from the Brink

After a dramatic exit from the stage, European cryptocurrency banking platform Bitwala, formerly known as Nuri, is making a comeback. It’s like a phoenix rising from the ashes, only if the ashes were made up of liquidity issues and a huge market downturn. The relaunch comes in collaboration with Striga, a company specializing in banking infrastructure. Together, they’ve conjured up a new fairy tale for crypto banking aficionados.

The Magic of Partnership

According to a joint announcement from Bitwala and Striga, this partnership is providing the “Banking and Crypto-as-a-Service” magic that Bitwala desperately needed. CEO Dennis Daiber emphasized that this collaboration means they can now leverage Striga’s trading and card-issuing functionalities without the headache of regulatory hurdles. Talk about a win-win situation, right?

The Liquidation Drama

Two words: liquidity issues. In August 2022, Bitwala found itself gasping for air in the brutal crypto bear market, leading to insolvency and a heartbreaking shutdown in October 2022. Picture it: 500,000 users were left staring at their screens in dismay, told to withdraw their assets before the year’s end. As Daiber put it, “We had all the documents, audits, applications and approvals — the only thing missing was 50 million euros for liquidity coverage ratio and runway.” Come on, who hasn’t been there on a smaller scale, right?

Striga to the Rescue

The good news? Striga swooped in, providing Bitwala with compliant digital asset and banking infrastructure. Founded in 2018 and operating out of Estonia, Striga’s not just an ordinary tech firm; they’re basically the crypto banking superheroes. Their services eliminate the burden of handling regulatory protocols, allowing Bitwala to focus on what really matters—delivering a user-friendly experience.

The User Experience Renaissance

Thanks to this new partnership, Bitwala is now accessible across 29 countries in the European Economic Area. Users can easily buy and sell Bitcoin (BTC) and Ether (ETH) with euros using Single Euro Payment Area transfers. But wait! There’s more! Future plans include integrating the Lightning Network—a total game changer for transaction speed—and even launching a crypto-backed Visa debit card. Because who doesn’t want to pay for their coffee with crypto?

Returning to the Roots

With the relaunch, Daiber reassured users that they’re all about going back to basics. No flashy ambitions to become a major bank here. Instead, they’re focusing on self-custodial wallets—providing a secure method for users to store their crypto. If you have trust issues in the financial world, Bitwala’s back to reassure you that your assets are in your hands and not trapped in some distant vault.