Hassle-free crypto banking

When Nuri set out to create Germany’s first crypto-enabled bank account, they wanted to ensure it doesn’t only cater to crypto-savants, but to any user that wants to tap into crypto and make the most of their money. However, to realize their vision, Nuri had to overcome a number of roadblocks:

1. To offer a crypto-enabled bank account in Germany, Nuri needed both a banking license to handle their customers’ fiat funds, as well as a crypto custody license to safely store their customers’ digital assets. But both these licenses impose heaps of resource-intensive regulatory obligations upon Nuri, from capital requirements to anti-money-laundering regulations.
2. In order to seize the momentum of the crypto hype, Nuri wanted to scale quickly and stay lean. This meant outsourcing the license requirements and infrastructure-intensive processes, such as identifications, SEPA processing and crypto custody. But using different providers for each component could lead to a disjointed jumble of partnerships that would be hard to scale in parallel. So, Nuri needed a one-stop-shop partner that shared their crypto DNA.
3. Offering a crypto trading feature is one thing, making it user-friendly is another. Nuri wanted to create an instant, hassle-free experience that anyone could use. While the demand for investing into crypto is high in Germany, the responsibility of opening a wallet at an exchange and safekeeping their own private keys in physical form would likely be intimidating for inexperienced users.