South Korean crypto wallet BitBerry is coming to an end
Well-known South Korean crypto wallet, Bitberry, is soon coming to its ending. The CEO of Bitberry’s parent firm stated that market decline and unstable blockchain industry are the reason for closing the app.
The closing reason is due to the bear market
The digital wallet app BitBerry is closing down for good on the 29th of February, 2020, at 3:00 pm. All support for the app will also be terminated.
Bitberry got significant abstraction among the crypto community because users are allowed to sign in with a Kakao talk ID, which is one of the most popular messenger apps in South Korea. And BitBerry simplified the complexities of sending and receiving coins and allowed users to accept crypto payments to a mobile number.
BitBerry was managed by parent company Root One Soft, who’s CEO Jang Sung-hoon announced a statement on the closure that they decided to close the business due to the market deterioration and uncertainty of the blockchain industry.
BitBerry met financial struggles during the crypto winter, the two-year bear market that began in December of 2017. The firm had a restructuring problem and decided to close the app.
The discussion between BitBerry and Lambda 256, the research arm of Dunamu, has now ceased due to BitBerry’s closure.
The crypto winter pulled a number of businesses to the edge of ending
The impact of crypto winter currently happens, as evidenced by Bitberry, not the only one who got trouble. The South Korean crypto markets have been significantly affected. It is reported that 97% of Korean crypto exchanges were close to insolvency and bankruptcy.
Korea was once a crypto paradise, which had one of the highest rates of crypto adoption, one of the leading cryptocurrency markets, and a high rate of blockchain investment and startups. The South Korean government has been a leader in blockchain-friendly regulation, and the nation’s military is even adopting a blockchain ID and authentication system.
The South Korean market was not the only market affected hard by crypto winter. Consensys, Circle, Coinfloor, and Steemit had had to substantial layoffs, some of them laid off 50% or more of their staff. Many blockchain projects have also laid off employees or shut down. For example, Lisk’s parent company Light Curve cut off almost half of its staff.
Since the cat is out the bag: We decided to shut down TruStory and return the investor money.
TLDR; We came to the conclusion that TruStory is too early to market. The market is not big enough (yet) for what we want to build.
— Preethi Kasireddy (@iam_preethi) January 30, 2020
Most recently, True Story, a blockchain led by Preethi Kasireddy, also shut down and returned the capital they raised to investors. They also cited uncertainty in the market.
Only time will tell if we may still see startups and blockchain projects close their business.