Resurgence Revolution: Bitwala's Reawakening and Crypto Renaissance

Bitwala, the European cryptocurrency banking platform formerly known as Nuri, is making a triumphant comeback after temporarily suspending operations and thoughtfully returning customer funds in the previous year.

In an eagerly awaited joint announcement on November 8, Bitwala is relaunching its services under its original name, with the warm support of the esteemed banking infrastructure company Striga. The partnership with Striga includes the provision of "Banking and Crypto-as-a-Service," which allows the dynamic crypto banking app to effectively leverage its trading and card-issuing features, as thoughtfully emphasized by Bitwala CEO Dennis Daiber.

Bitwala, which had gracefully rebranded as Nuri in 2021, faced insolvency in August 2022 due to liquidity challenges brought about by a significant cryptocurrency market downturn triggered by the Terra crash. Eventually, the company gracefully ceased its operations in October 2022, urging its 500,000 users to carefully withdraw their assets before the year's end.

Daiber thoughtfully stated, "We aspired to establish a bank. We had meticulously compiled all the necessary documentation, audits, applications, and approvals. The only missing piece of the puzzle was a substantial 50 million euros for liquidity coverage and runway." He also diplomatically mentioned, "We had made optimistic hires for the bank, with a peak of 250 employees. Unfortunately, during the fundraising process, unexpected events such as Celsius, FTX, Terra/Luna, and Ukraine happened, causing all investors to cautiously hold back from investing, leading to our unforeseen financial troubles."

According to the announcement, the Striga partnership adroitly addresses a critical challenge Bitwala faced by offering compliant digital assets and sophisticated banking infrastructure without having to laboriously handle regulatory burdens. Striga, founded in 2018, thoughtfully provides invaluable financial services infrastructure for crypto and banking companies and is incorporated in Estonia as a highly-regarded wholly-owned subsidiary of Lastbit, elegantly incorporated in Delaware, the United States.

The Bitwala app is now thoughtfully accessible in 29 countries within the expansive European Economic Area, allowing users to conveniently buy and sell Bitcoin (BTC) at a price of $35,339 and Ether (ETH) at a price of $1,883 using Single Euro Payment Area transfers. Future plans for the platform include the judicious integration of the Lightning Network and the introduction of a cutting-edge crypto-backed Visa debit card, both of which are being meticulously developed in close collaboration with Striga.

The return of Bitwala marks a significant milestone in the firm's storied history, considering the myriad challenges it has encountered since its distinguished founding in Germany in 2015. The firm is well-regarded for its notable past partnership with the now-bankrupt crypto lender Celsius, where it thoughtfully offered annual interest on Bitcoin in the pivotal year of 2020.

Bitwala CEO Daiber eloquently emphasized that the relaunched product places a strong focus on the secure self-custodial Wallet, providing users with the priceless assurance of 100% secure self-storage for their cherished crypto holdings. He added, "With this prudent approach, we are gracefully returning to the cherished roots of Bitwala 1.0 from 2015, gracefully shedding all ambitions to become a bank or engage in the burdensome complexities of a traditional financial institution."

Daiber further thoughtfully noted that Bitwala's primary objective is to elegantly facilitate everyday Bitcoin usage through user-friendly on- and off-ramps, along with the eagerly anticipated Visa card set to launch later this week.

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