European crypto-banking platform Bitwala, previously known as Nuri, has made a triumphant return after temporarily ceasing operations in 2022.
Bitwala is now back in action under its original name, thanks to a strategic partnership with Striga, a banking infrastructure company. This development comes after the company filed for insolvency in August 2022, citing liquidity issues exacerbated by the Terra crash and a broader crypto bear market. After shutting down operations in October 2022, Bitwala urged its 500,000 users to withdraw their assets before year-end. However, Bitwala’s resurgence brings new hope to the European crypto-banking scene.
Bitwala and Striga revealed their partnership, aiming to revamp Bitwala’s services and bring them back to the forefront of the crypto banking industry. Striga is providing Bitwala with “Banking and Crypto-as-a-Service,” which empowers the crypto banking app with trading and card-issuing functionalities. Bitwala CEO Dennis Daiber expressed enthusiasm about the collaboration, emphasizing the value Striga adds to Bitwala’s offering.
Bitwala’s relaunch with Striga to redefine crypto banking in Europe
Bitwala’s journey was fraught with challenges before the partnership with Striga, as Daiber explained, “We wanted to build a bank. We had all the documents, audits, applications, and approvals — the only thing missing was 50 million euros for liquidity coverage ratio and runway.” Daiber continued, “We had also hired ‘optimistically’ for the bank. At peak, we had 250 employees. Unfortunately, in the midst of the fundraising process, Celsius, FTX, Terra/Luna, and Ukraine ‘happened,’ which caused all investors to refrain from investing. Thus, we ran out of money.”
One of the pivotal advantages of the Striga partnership is the ability to leverage compliant digital assets and banking infrastructure without navigating the cumbersome regulatory landscape. This ready-to-use infrastructure alleviates Bitwala from handling regulatory burdens independently, providing a smoother path for the platform’s relaunch.
Striga, founded in 2018, specializes in providing financial services infrastructure tailored to crypto and banking companies. It operates out of Estonia and is a fully-owned subsidiary of Lastbit, which is incorporated in Delaware, USA. This strategic alliance not only marks a fresh start for Bitwala but also showcases the potential for collaboration between innovative fintech companies and established financial infrastructure providers.
The renewed Bitwala platform is now accessible in 29 countries within the European Economic Area, offering users the ability to buy and sell Bitcoin (BTC) and Ether (ETH) with the euro using Single Euro Payment Area transfers. This wide availability positions Bitwala as a significant player in the European crypto banking space.
Furthermore, Bitwala has ambitious plans for its future development, which include integrating the Lightning Network and introducing a crypto-backed Visa debit card. These enhancements are being meticulously crafted in collaboration with Striga, promising to provide users with a seamless and comprehensive crypto banking experience.
The resurgence of Bitwala represents a remarkable milestone in the company’s tumultuous history. Founded in Germany in 2015, Bitwala has faced numerous challenges along the way, including partnering with now-bankrupt crypto lender Celsius to offer annual interest on Bitcoin in 2020. Despite these ups and downs, Bitwala’s return signals a renewed commitment to delivering crypto banking services in Europe.
