Crypto Bitwala has started changing its name to Nuri and relies on DeFi

Bitpanda has already taken a step from the crypto angle into the realm of stocks and ETFs, and now Neobank Bitwala, known for its crypto services, is breaking out of its previously defined role as a simple service for BTC and ETH. Rename it to My light A radical and colorful redesign is the first step towards that. The company wants to offer “innovative financial solutions to a wider and diverse audience” and no longer see itself as just a crypto trader where one can simply buy Bitcoin and Ethereum, but wants to position themselves more broadly as a provider of a bank account including a debit card.

“The old banking world is gradually being replaced by new players offering mobile and digital banking first. But even with new interfaces and a better customer experience, they get stuck in the old reality: zero or even negative interest rates bring little return on savings, and remittances are often slow and expensive. With Nuri, we are combining existing banking infrastructure with innovative technologies such as blockchain and decentralized finance, ”says Philip Behr, who is responsible for relaunching the brand as Nuri’s growth manager.

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DeFi is in focus

“Blockchain technology will continue to create new financial products that are better in the future than we imagine today. In order to make such products and services accessible to more people, you need a branding and an inclusive and engaging user experience for a diverse target group. The foundation for many of the innovative products and functions that we will provide to our customers in the coming months and years, ”says Christina Walker Meyer, CEO of Nuri. I recently switched from Neobank N26 to Bitwala, sorry, Nuri.

It will now be interesting to see which direction Nuri will go. About a year ago, Bitwala actually entered into a collaboration with Celsius Network, a well-known crypto loan company in the DeFi world. Nuri now has 250,000 customers, 50,000 of whom were added in the first quarter of 2021 alone, driven by the recent Bitcoin hype. However, these are registered customers – it doesn’t automatically mean that they are actively using the services.

In the background, Nuri works with Solaris Bank for Banking Services as a service from Berlin – this offers many fintech companies the option to issue credit cards to clients and secure customer deposits.

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