The rebrand from Bitwala to Nuri in 2021 was an attempt to signal a broader ambition — from a Bitcoin banking account to a full crypto-integrated neobank. The Nuri product offered a German bank account with integrated Bitcoin and Ethereum functionality, including an interest-bearing Bitcoin product that paid yields on crypto holdings. It attracted a user base of German consumers interested in both traditional banking and crypto exposure without needing multiple apps and multiple onboarding processes. The timing was unfortunate. Nuri entered insolvency in August 2022 as the crypto market correction, rising operational costs, and the difficult economics of consumer banking combined to overwhelm the business. The insolvency administrator managed an orderly wind-down, giving users time to transfer their funds. Nuri's story illustrates a structural challenge in crypto banking — the regulatory cost of holding a German banking licence combined with the volatility-driven churn of a crypto user base creates a business model that requires either very large scale or a revenue model that most consumer fintech products struggle to build quickly enough. The product worked. The economics didn't.