Nuri (company)
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Bitwala is a Berlin-based cryptocurrency financial services company offering a self-custodial Bitcoin wallet, a Visa debit card, crypto trading, and crypto-backed loans. The company was founded in 2015 by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones. After operating briefly under the name Nuri from 2021 to 2022, the company returned to the Bitwala brand in late 2023 following insolvency proceedings.
| Company type | GmbH (private) |
|---|---|
| Industry | Cryptocurrency, Financial technology |
| Founded | 2015 |
| Founders | Jörg von Minckwitz, Jan Goslicki, Benjamin P. Jones |
| Headquarters | Am Treptower Park 75, 12435 Berlin, Germany |
Area served | European Economic Area (29 countries) |
Key people | Dennis Daiber (CEO), Jan Goslicki (CXO / Co-Founder) |
| Products | Self-custodial Bitcoin wallet, Visa debit card, crypto trading, crypto-backed loans, BWALA equity token |
| Website | bitwala |
History
Founding and early product (2015–2018)
Bitwala launched in October 2015 as a blockchain-based payment service provider headquartered in Berlin. The company used digital currencies to facilitate international money transfers, offering SEPA and SWIFT transfers by converting Bitcoin or altcoins into over 20 fiat currencies, reaching bank accounts in more than 200 countries.[1][2]
In January 2018, Bitwala's services were disrupted when its prepaid card provider, WaveCrest Holdings Ltd, had its Visa licence revoked by the Gibraltar Financial Services Commission over compliance failings. Several other cryptocurrency card issuers, including CryptoPay, TenX and Wirex, were affected by the same decision.[3][4]
Relaunch as blockchain bank (2018–2021)
Bitwala joined the European Fintech Alliance in August 2018.[5] In September 2018, the company raised €4 million from venture capital investors Earlybird and Coparion.[6] A partnership with Berlin-based Solarisbank was announced in October 2018, and the company relaunched in November 2018 with what it described as Europe's first regulated blockchain banking solution, combining Bitcoin and euro deposits in a single German bank account hosted by solarisBank.[7]
In July 2019, Bitwala raised a further €13 million (approximately $14.5 million) in a Series A round led by Sony Financial Ventures and NKB Group, with continued participation from Earlybird and Coparion.[8][9] By early 2021, Bitwala had grown to over 200,000 customers across 32 European countries, making it the third-largest neobank in Germany.[10]
Rebrand to Nuri and insolvency (2021–2022)
In May 2021, Bitwala rebranded to Nuri, shifting its positioning toward a broader neobank offering.[11] During the same period the company scaled to approximately 250 employees while pursuing a banking licence.
Nuri filed for insolvency on 9 August 2022, citing liquidity difficulties triggered by the crypto bear market following the collapse of Terra/Luna, Celsius, and FTX. The company stated that customer funds and investments held at partner bank solarisBank were unaffected.[12][13][14] Operations ceased in October 2022, and Nuri's customer base was subsequently transferred to Vivid Money, a Germany-based neobank.[15][16]
Return as Bitwala (2023–present)
In November 2023, the company relaunched under its original Bitwala name in partnership with Striga, an Estonia-based Banking and Crypto-as-a-Service provider and subsidiary of Lastbit. Through Striga, Bitwala obtained compliant crypto trading and card-issuing infrastructure without the regulatory burden of a full banking licence.[17][18][19]
The relaunched product centres on a self-custodial wallet for Bitcoin, with an on-ramp and off-ramp via SEPA euro transfers. A Visa debit card was subsequently introduced, allowing users to spend crypto balances at point-of-sale terminals, online, and at ATMs. The company now supports Bitcoin, Ether, and USDC.[20]
In February 2024, Bitwala closed its first post-relaunch funding round from Blockchain Founders Fund, raising its valuation from €3.5 million to over €5 million.[21]
In mid-2024, the company launched the BWALA Token via the Tokenize.it platform, offering tokenised equity shares starting at €50 per token. The tokens represent 1:1 equity in Bitwala GmbH and carry dividend rights on profit and exit. As of early 2026, over €2 million has been invested and more than 70 investors have participated in the offering.[22]
The current entity is registered as Bitwala GmbH (HRB 234888 B, Amtsgericht Charlottenburg), with Dennis Daiber and Jan Goslicki serving as managing directors.[23]
Products and services
Bitwala's current product suite, available as a mobile app for iOS and Android in 29 EEA countries, includes:
- Self-custodial wallet – Users retain ownership of private keys for their Bitcoin holdings without requiring a traditional seed phrase backup.
- Visa debit card – A physical and virtual Visa card funded from the user's crypto or euro balance, supporting in-store, online, and ATM transactions.
- Crypto trading – Buying and selling of Bitcoin, Ether, and USDC via SEPA bank transfer.
- Crypto-backed loans – Borrowing against crypto collateral.
- BWALA equity token – Tokenised shares in Bitwala GmbH available to the public from €50, issued via Tokenize.it.[22]
Funding
| Date | Round | Amount | Lead investors |
|---|---|---|---|
| September 2018 | Seed | €4 million | Earlybird, Coparion |
| July 2019 | Series A | €13 million | Sony Financial Ventures, NKB Group |
| February 2024 | Post-restart | Undisclosed | Blockchain Founders Fund |
Total funding raised across all rounds prior to insolvency was approximately €42.3 million.[14] The February 2024 post-restart round raised the company's valuation to over €5 million.[21]