Cryptocurrency exchange Nuri GmbH has filed for insolvency in Berlin, according to a court filing.
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The platform, previously called Bitwala, was founded in 2015.
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Nuri said that the sell-off in the crypto market coupled with the collapse of Celsius Network ultimately led to the decision.
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The price of bitcoin (BTC) has fallen from $69,000 to as low as $17,000 over the past nine months, with several key companies in the industry struggling to keep afloat. It was recently trading around $23,000.
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Singapore-based hedge fund Three Arrows Capital filed for bankruptcy in July while the likes of Celsius and Voyager all experienced similar outcomes.
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Nuri has said that users can still access deposits, Reuters reported.
