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South Korea-based crypto wallet announces pending shutdown

By:
on Feb 1, 2020
Updated: Mar 11, 2020
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  • Korean cryptocurrency wallet, BitBerry announces that it will soon shut down.
  • According to the wallet's parent company, the decision comes as a consequence of market degradation during the crypto winter.
  • The wallet will remain active until February 29th at 3:00 pm.

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A popular cryptocurrency wallet from South Korea, BitBerry, recently announced that it will soon close down. The wallet will continue operating until February 29th, when it will permanently close at 3:00 pm. All support for the app will be terminated from that point on, so users are advised to use the remaining time to find an alternative for storing their funds.

BitBerry saw a major rise in popularity due to the fact that it allowed its users to sign in with their Kakao Talk ID. Meanwhile, Kakao Talk itself is one of the most popular messaging apps in the region. Using the service’s ID simplified receiving and sending cryptocurrencies, as users could simply receive payments to their mobile number.

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Jang Sung-hoon, the CEO of the wallet’s parent firm, Root One Soft, stated that the firm decided to shut down its wallet business due to the market deterioration. The company seems to believe that the future of the blockchain industry remains uncertain, which was likely a concern that was additionally strengthened by the financial concerns that BitBerry experienced during the crypto winter.

As many may remember, the crypto winter lasted for over a year, starting in early 2018, and ending in April 2019. The second half of 2019 was also struck with receding prices and uncertainty, and the company seemingly had problems restructuring, so it simply decided to call it quits.

Consequences of crypto winter still impacting crypto businesses

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BitBerry is also far from being the only one to be affected by the crypto winter in such a way. Korean crypto market has suffered particularly harsh consequences, and 97% of the country’s exchanges were allegedly close to bankruptcy. This was quite unfortunate, considering that the country had one of the highest rates of cryptocurrency adoption and a leading market. Meanwhile, blockchain startups and firms were emerging everywhere, until the crypto winter struck. After a few months, one project after another had to lay off employees and eventually shut down. And, while the crypto winter is now truly in the past, the effects are clearly still being felt.

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