Popular South Korean Crypto Wallet Bitberry Announces Shutdown

Francisco Memoria

Popular South Korean cryptocurrency wallet Bitberry has announced it’s terminating its services over the market’s deterioration and the uncertainty of being in the blockchain space.

According to local news outlet NewsTomato, the cryptocurrency wallet will shut down on February 29, and is asking its users to withdraw their funds. To help them get all of their crypto out of the wallet, it scrapped all withdrawal fees.

The CEO of the cryptocurrency wallet’s operator Root One Soft, Jang Sung-hoon,said in the announcement:

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

The Bitberry wallet was a popular one in South Korea, with ease-of-use being one of the features that helped it grow since its launch in 2018. It allowed users to sign-in using their ID on Kakao Talk, a leading messaging app in the country, and simplified cryptocurrency transactions by letting users send and receiving using mobile numbers instead of public addresses.

Despite its popularity Bitberry reportedly started facing financial difficulties over the prolonged crypto winter and has been unable to recover. It’s worth noting the wallet’s operator is a subsidiary of Dunamu, the firm behind the popular UpBit cryptocurrency exchange.

The wallet is notably shutting down ahead of the launch of Kakao’s cryptocurrency wallet Klip, which is expected to come out in the first half of this year. As CryptoGlobe reported, Kakao announced its “immensely easy” to use cryptocurrency wallet back in August 2019, revealing it will support its Klay cryptocurrency and tokens based on the Klaytn blockchain, as well as decentralized applications.

Featured image via Pixabay.