The European cryptocurrency banking platform Bitwala, formerly known as Nuri, is making a comeback after halting operations and returning customer funds last year.

Bitwala is relaunching its services under its original name, thanks to a partnership with the banking infrastructure company Striga. The collaboration aims to rejuvenate Bitwala’s offerings, as revealed in a joint announcement to Cointelegraph on November 8th.

As part of this partnership, Striga is providing Bitwala with “Banking and Crypto-as-a-Service,” enabling the crypto banking app to leverage its trading and card-issuing capabilities, according to Bitwala CEO Dennis Daiber.

Bitwala underwent a rebranding in 2021 when it became known as Nuri. However, in August 2022, the company filed for insolvency, citing liquidity issues amidst a significant crypto market downturn triggered by the Terra crash. Ultimately, Bitwala ceased its operations in October 2022, requesting its 500,000 users to withdraw their assets before the year-end deadline.

Dennis Daiber explained the situation, saying, “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.”

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