Financial news

Bitwala, the blockchain-based banking service, has returned to the European crypto sphere following a year out as Nuri, as it was previously called, ceased operations and returned consumer funds in 2022.

The rollercoaster that is Bitwala’s journey continues to move. Striga, the compliant crypto and banking APIs, has enabled Bitwala to make a return. The relaunch focuses on buying and selling crypto – the company’s core offering, meanwhile Striga is dealing with the regulatory responsibilities.

“Buying and selling crypto has always been at the heart of Bitwala’s business. While we’ve explored various use cases in the market, the truth is that everyone wants to buy BTC and sell it when the price rises.” – Jan Goslicki

Founded in Germany in 2015, the company hit its first hurdles in January 2018 as Visa ended its partnership with the company’s card provider WaveCrest. As a result, Bitwala’s services came to a halt. Though it was off to a tough start, it was able to recover as it joined the European Fintech Alliance later that year, and then raised €4million ahead of a relaunch in November 2018.

In May 2021, the company sought to rebrand to Nuri. However, a year later the company filed for insolvency and told consumers to withdraw funds before the company liquidated.

Return to the main stage

Partnering with Striga, Nuri has returned under its former name: Bitwala. Striga is a compliant banking infrastructure company for fintechs and digital asset services. It offers a range of solutions, including:

• native users’ onboarding
• seamless fiat-to-crypto and crypto-to-fiat on/off ramping
• crypto and fiat wallets
• crypto-backed Visa debit card

All of these services are delivered through a unified set of APIs. This allows businesses to white-label them without requiring companies to acquire any licenses or handle any regulatory or compliance issues.

The new crypto banking app is live in 29 countries within the European Economic Area (EEA). It grants users access to Bitcoin and Ethereum, which can be exchanged for the Euro and sent using SEPA (Single Euro Payment Area) transfers. Future plans for the platform include integrating the Lightning Network and introducing a crypto-backed Visa debit card. All of which are being developed in collaboration with Striga.

“Buying and selling crypto has always been at the heart of Bitwala’s business,” notes Jan Goslicki, Bitwala’s chief experience officer. “While we’ve explored various use cases in the market, the truth is that everyone wants to buy BTC and sell it when the price rises.”

Dennis Daiber, CEO of Bitwala, expressed gratitude for the guidance provided by Striga, stating: “Thanks to the exceptional guidance and patience displayed by the Striga team, Bitwala has returned to the market. We’re ready to re-onboard all the users who have missed the simplicity of trading Bitcoin.”