The Berlin cryptofintech Nuri can no longer be saved and is being wound up.
The last 200,000 customers have to withdraw their funds and crypto assets by December 18th.
They can apply for a new account with the crypto and banking app Vivid and then transfer their assets.
Investors have jumped off, the insolvency administrator Jesko Stark made public on Tuesday.
“The debtor's business operations would have needed additional fresh capital of around ten million euros to become profitable.
And this investment would also have been associated with risks due to the current market development," Jesko is quoted as saying in a statement.
And the money sits with the venture capitalists, who last year pumped hundreds of millions of euros into start-ups in general and fintechs in particular,
probably no longer loose.
“Due to the tense market situation and the further deteriorating prospects, these investors have now unfortunately jumped out.
Start-up investors in particular are currently holding back considerably,” said the insolvency administrator.
Shortly after filing for bankruptcy in August, he reported lively investor interest and, at the end of September, the first offers that had yet to be specified.
Archibald Preuschat
Editor in Business
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Nuri, which used to trade under the name of Bitwala, already parted with employees during the course of the year because the fintech was struggling with the fall in the price of cryptocurrencies.
In addition, Nuri had referred customers to the US crypto bank Celsius Network whose deposits were frozen as part of Celsius' bankruptcy proceedings.
Nuri, whose business operations were initially continued by the insolvency administrator, now has to fire the remaining 132 employees.