Nuri, a Germany-based crypto neobank backed by Sony, has become the latest victim of the bear market. The exchange has shut down its business amidst the prevailing crypto winter after it failed to raise money to continue its operations.

The firm, founded in 2015, had raised close to $21 million in a funding round last year from some of the biggest names in the venture capital industry, including Sony Financial Ventures, Coparian and Earlybird Venture Capital, reported TheBlock.

Nuri filed for insolvency back in August. It has since been struggling to continue its operations. The firm said it was "facing significant macroeconomic headwinds and the cooling down of public and private capital markets." Following the negative developments in the crypto space, including the collapse of Terra, bankruptcy of Celsius and other events, the firm gave up due to what it calls a "challenging market."

In a statement, Nuri CEO Kristina Walcker-Mayer said the firm couldn't raise funds or seek an acquirer due to "the tough economical and political environment of the past months." It had been working with insolvency administrators to find an acquirer or a fresh funding but failed to do so, the executive added.

"On top, the insolvency of one of our main business partners worsened the situation significantly and put us over the edge," revealed Walcker-Mayer.

The CEO urged customers to withdraw their assets by Dec. 18 before the business will be fully terminated and liquidated.

"Customers have access and will be able to withdraw all funds until the aforementioned date. All assets in your Nuri account are safe and unaffected by Nuri's insolvency," said Walcker-Mayer.

The platform will support trading activities until Nov. 30 after which, the neobank will no longer be available for crypto trading services.

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