BitBerry Crypto Wallet From South Korea Is Closing Down

BitBerry crypto wallet from South Korea announced to be closing down soon as the CEO of the company cited ‘’ market deterioration and uncertainty in the blockchain industry’’ as the main reason for the shutting down. In our blockchain news today, we are reading further about their decision.

The BitBerry crypto wallet is shutting down for good at the end of this month and according to the local outlet, all of the support for the app will be terminated. BitBerry gained a lot of attention among the crypto community because it allowed the users to sign in with a Kakao Talk ID.

Kakao Talk ID is one of the most popular messenger apps in the country and BitBerry simplified the problems and difficulties of sending and receiving coins and allowed the users to receive crypto payments to a phone number. The wallet was owned by a parent company under the name Root One Soft who’s CEO Jang Sung-hoon issued a statement for the decision:

‘’We decided to close the business due to the market deterioration and uncertainty of the blockchain industry.’’

BitBerry ran into a lot of financial struggles during the crypto winter and the two-year bear market that started in 2017. The company had a lot of issues regarding the restructuring of the platform and therefore decided to close up the shop. BitBerry was discussing with Lambda 256 which is the Dunamu research arm. Dunamu was also the company behind the crypto exchange Upbit which is the largest cryptocurrency exchange in South Korea. The discussions, however, stopped because of the closure of the wallet.
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The fallout from the crypto winter is still present and can be felt even now as evidenced by BitBerry’s closure. The South Korean crypto markets have been hit extremely hard and the reports show that 97 percent of the Korean crypto exchanges were close to insolvency and bankruptcy. Korea had the highest rates of crypto adoption once and one of the leading crypto markets but also a high rate of startups and investment platforms. The government of the country has been the leader in blockchain-friendly regulation.

The market wasn’t the only market that was hit hard by crypto winter since Circle, Steemit, and Coinfloor all had substantial layoffs. Some of the companies even laid 50 percent of their workforce.