South Korea’s Leading Crypto Wallet Bitberry Shuts Down

South Korea’s Leading Crypto Wallet Bitberry Shuts Down

South Korea’s Leading Crypto Wallet Bitberry has announced ending its services due to blockchain industry uncertainty.

The crypto exchange will end its services as of February 29 so users can withdraw their money. The company will scarp all withdrawal fees.  

Jang Sung-hoon, chief executive of Root One Soft that runs the wallet, said:

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

Founded in 2018, South Korea’s leading Crypto wallet Bitberry focuses on making the digital asset wallet platforms easy to use. It allows users to sign-in using a Kakao Talk ID – the leading messaging app in South Korea.

Instead of complicated public addresses, the wallet also simplified sending and receiving cryptocurrencies between users using their mobile numbers.

Many blockchain projects have either shut down or laid off employees. Lisk’s parent company Light Curve has laid-off nearly half of its staff.

True Story, a blockchain run by Preethi Kasireddy, also ended its services and returned capital to investors.

Cryptolydian earlier reported that South Korea’s government is considering a proposal to levy a 20 percent tax on cryptocurrency transactions.

The Ministry of Finance has ordered its income department to review the draft law.

“The finance ministry is yet to finalize its direction but it surely has become more likely for the income from virtual asset trading to be labelled as other income, not as gains from transfer of capitals like real estate properties,” said an official source.

The country is actively preparing for the possibility of launching a state-backed cryptocurrency, to follow suit of Japan, Russia, Iran, China, and other countries in the crypto marathon.

The central bank stated that it continues to research into the blockchain technology.

“We will actively engage in discussions with the Bank for International Settlements (BIS) and other international organizations, keeping an eye on CBDC development at other central banks,” the central bank stated in its report.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.