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Nuri

latest release: 2.1.41 ( 23rd September 2021 ) last analysed  27th August 2021 Custodial: The provider holds the keys 
11th May 2019

Jump to verdict 

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Please help us spread the word discussing the risks of centralized custodians with Nuri  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

From the site description:

Nuri is the app to manage, save and grow your money. Invest in cryptocurrencies, create savings plans & earn up to 5% interest per year on bitcoin directly from a German bank account.

The app is complicated as it offers both custodial and non-custodial wallets. But then again, if a user has to pass ID verification and KYC, then even the non-custodial offering is in fact, custodial.

It identifies its non-custodial wallets as “Vaults”

The Bitcoin (BTC) VAult is available on both web and mobile devices and is a multi-signature non-custodial wallet. A multi-signature protocol, available for Bitcoin acts as a built-in additional security factor. The wallet is backed up with two seed phrases, which let you recover and access your bitcoin in case you lose access to your Nuri account. Under no circumstances, Nuri or anyone else can access or control your funds or transactions.

More information on the distinction between Nuri Wallets vs Vaults

Nuri also has a risk and disclosure page

Investors cannot verify whether Celsius Network conducts business activities that will enable it to service the claims of investors from the Bitcoin Interest Account in the future.The business activities carried out by Celsius Network may result in further risks for Nuri investors.

Identity Verification Criteria

Nuri offers the blockchain banking solution for European residents.

Resident in the European Union, A valid passport or ID card that contains the required security features, minimum age 18 years, a proof of address document (POA), in order for the account to be opened successfully, this data is verified during a video call with our partner IDnow.

(dg)

Verdict Explained

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Is the product self-custodial? If not, we tag it Custodial! 

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.