In collaboration with the banking infrastructure business Striga, Bitwala, a European cryptocurrency banking platform that was previously known as Nuri, is resuming business under its original name. The companies announced their collaboration on November 8. Bitwala can utilise Striga’s “Banking and Crypto-as-a-Service” to access its trading and card-issuing capabilities. In August 2022, Bitwala declared bankruptcy, citing cash flow problems in the midst of a significant cryptocurrency bear market brought on by the Terra crisis. In October 2022, the company ceased operations and requested that its 500,000 users remove their assets prior to the year-end deadline.
One of Bitwala’s main problems was resolved by the Striga collaboration, which offered banking infrastructure and digital assets that complied with regulations without requiring Bitwala to manage any red tape. Founded in 2018, Striga offers financial services infrastructure to banking and cryptocurrency businesses. Users can now purchase and trade Bitcoin (BTC) and Ether (ETH) with the euro utilising Single Euro Payment Area transfers thanks to the Bitwala app, which is available in 29 EU member states. The platform will eventually integrate the Lightning Network and launch a Visa debit card with cryptocurrency backing. These developments are being made in association with Striga.