Nuri combines a checking account with a cryptocurrency wallet

This is what awaits you in this article

Nuri (formerly Bitwala) offers the world’s first combination of current account and wallet for cryptocurrencies. The neobank is made in Germany and aims to combine the traditional financial system with new technologies. Therefore, you can not only invest in Bitcoin or Ethereum, but also benefit from the development of the stock market. In this article we present the essential features of Nuri.

Nouri in profile

In 2021, the company Bitwala, founded in 2018, is renamed Nuri. Since Nuri is convinced that new technologies will fundamentally change the current financial economy, the new company name is derived from “new reality”. Nuri’s vision is a simple, global and instantaneous exchange of assets at the lowest cost and to develop the best blockchain banking solutions. To achieve this goal, Nuri works as a tied agent with Germany’s Solarisbank AG. Nearly half a million customers are already using Nuri’s offering. The focus is on the current account, with which you can also trade cryptocurrencies and securities.

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safety and regulations

Each current account opened at Nuri is managed at Solarisbank. Thanks to this partnership, German safety standards are met in Nuri. Since Solarisbank AG has a full banking license and is regulated by the Federal Financial Supervisory Authority (BaFin), Nuri as an intermediary fulfills the existing and required legal requirements. All accounts are managed with a German IBAN and are subject to the legal deposit guarantee of EUR 100,000 per person. In addition, all IT is monitored 24 hours a day.

When it comes to crypto custody, you have two choices. Either you use the deposit offer of Solaris Digital Assets, a subsidiary of Solarisbank AG, or you keep your cryptocurrencies yourself in a safe place. Nuri offers safes for your own safekeeping. True to the motto “Not your keys, not your coins”, neither Nuri nor anyone else has access to your assets.

Other Nuri partners are Bankhaus von der Heydt and tradias, a fintech from Bankhaus Scheich. Both banks are regulated in Germany and have many years of experience in the industry. Nuri uses this knowledge to sell Nuri Pots. These are funds of funds that invest in ETFs.

Nuri offers these investments

At Nuri, you can trade Bitcoin and Ethereum 24/7. On the one hand, you can set up savings plans from an amount of at least 30 euros with weekly or monthly execution or make individual investments from an amount of 30 euros

Additionally, Nuri offers a bitcoin earnings account. From a minimum amount of ten euros, you can generate passive income of up to three percent per year. It works through a cooperation with Celsius, a company in the field of crypto lending. Your Bitcoins are not fixed, but can be withdrawn at any time. You will receive performance credit every Monday.

With Nuri Pots you invest in the development of ETFs and thus participate in stock market developments. As a rule, a Nuri Pot invests in eight different ETFs and thus forms a fund of funds, so that the invested capital is spread widely. This technically works through so-called security tokens, which operate on the blockchain and adhere to securities rules. An investment is possible from just five euros. Currently, Nuri’s offer, made possible by partners Bankhaus von der Heydt and tradias, includes only one pot called “Allrounder”. This pot allows you to invest in developed markets, emerging markets and gold.

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How to access Nuri

You can use Nuri’s offer via the website or the mobile app for Android and iOS. The Nuri app has a 4.4 star rating in the Apple App Store and a 3.2 star rating in the Google Play Store. The Nuri app has a modern and intuitive design. In addition, the range of functions of the banking application is not limited, so the full range of Nuri is available.

Registration and legitimation

In order to be able to use the Nuri offer, you must open a current account on the Nuri site. The opening and legitimation of the account is entirely digital and carried out in a few minutes. You must provide an e-mail address, reside in the European Economic Area or Switzerland, hold a valid passport or identity card, be of legal age and be able to provide proof of residence. You then confirm the accuracy of your information and your identity with video authentication via the service provider IDnow.

Nuri offers these deposit options

As you have a current account with Nuri after registration, you will receive payments by SEPA transfer. You can also easily transfer Bitcoin and Ethereum cryptocurrencies from another wallet or exchange them for free to your Nuri wallet.

What are the fees charged by Nuri

Account management and current account payment transactions are free at Nuri. Nuri charges the following fees for offerings within the investment:

Cryptocurrency trading with deposit by Solaris Digital Assets

Costs
purchase 1% of trading volume
to sell 1% of trading volume

Cryptocurrency trading with own custody by Vaults

Costs
purchase 1% of transaction volume + 1 euro network fee
to sell 1% of transaction volume + 1 euro network fee

Nouri Pots

Costs
purchase Spread (target < 0.5%) during market hours
to sell Spread (target < 0.5%) during market hours
administration a maximum of 1% of the investment volume per year

Transfer cryptocurrencies with Nuri

With Nuri, you can easily send your cryptocurrencies free of charge. However, transaction fees vary depending on the network load. Since transaction costs in Ethereum depend on the speed of transactions, you can adjust the speed with Nuri using a slider when sending Ethereum.

Nuri also provides a fee controller for Bitcoin transactions, with which you can adjust transaction costs. The following applies: the higher the selected network fee, the faster the transaction will be transmitted through the Bitcoin network.

Promotions and bonuses at Nuri

If you are happy with what Nuri has to offer, you can refer up to 15 friends and acquaintances. As soon as a person you have invited makes an investment with Nuri, you will both be credited with a bonus of 30 euros. Payment can take up to three weeks.

Who is Nuri suitable for and what are the differences with other providers?

Unlike BISON or BSDEX, Nuri cannot be defined as a classic exchange place for cryptocurrencies, but as a provider of a bank account with the possibility of investing in Bitcoin and Ethereum or in Nuri Pots. It follows that the exclusive offer of Bitcoin and Ethereum in the field of cryptocurrencies is significantly narrower than that of other providers. Indeed, Nuri is not only limited to trading digital currencies, but all payment transactions can be processed through the Nuri bank account for free. Therefore, the Nuri bank account is interesting for those who appreciate a free current account with all basic functions, as well as simple and integrated investment in Bitcoin and Ethereum or other innovative investment opportunities. Here, Nuri bridges the gap between classic finance and new technologies such as blockchain. If you enjoy a wide range of cryptocurrencies, we currently do not recommend Nuri. Here you should look at Justtrade, BSDEX or Bison alternatives.

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