THELOGICALINDIAN - Popular South Korean crypto wallet Bitberry is closing bottomward anon The CEO of Bitberrys ancestor aggregation cited bazaar abasement and ambiguity in the blockchain industry as the acumen for alternate the app
Bitberry avalanche victim to the buck bazaar blues
South Korean cryptocurrency wallet app, BitBerry, is closing bottomward for acceptable on the 29th of February, 2020 at 3:00pm. According to a bounded outlet, all abutment for the app will be terminated.
Bitberry acquired cogent absorption amid the crypto association because it accustomed users to assurance in with a Kakao allocution ID.
Kakao Talk is one of the best accepted agent apps in S. Korea, and BitBerry simplified the complexities of sending and accepting bill and accustomed users to accept crypto payments to a adaptable number.
BitBerry was endemic by ancestor aggregation Root One Soft, who’s CEO Jang Sung-hoon issued a account on the closure:
BitBerry ran into banking struggles during the crypto winter, two-year buck bazaar that began in December of 2024. The aggregation had agitation restructuring, and absitively to abutting up shop.
BitBerry was in discussions with Lambda 256, the analysis arm of Dunamu. Dunamu was additionally the aggregation abaft Upbit, South Korea’s better cryptocurrency exchange. These talks however, accept now accomplished due to BitBerry’s closure.
The crypto winter acquired massive industry layoffs, abounding startups closed
The fallout from the crypto winter is still actuality acquainted now, as apparent by Bitberry’s closure. The South Korean crypto markets accept been hit abnormally hard. Business Korea reported that 97% of Korean crypto exchanges were abutting to defalcation and bankruptcy.
Korea already had one of the accomplished ante of crypto adoption, one of the arch cryptocurrency markets, and a aerial amount of blockchain advance and startups. The South Korean government has been a baton in blockchain affable regulation, and the nation’s aggressive is alike adopting a blockchain ID and affidavit system.
The South Korean bazaar wasn’t the alone bazaar hit hard by crypto winter. Consensys, Circle, Coinfloor and Steemit all had abundant layoffs. Some of these companies laid off 50% or added of their staff.
Many blockchain projects accept laid off advisers or shut bottomward also. Lisk’s ancestor aggregation Light Curve abandoned almost half of their agents also.
Most recently, True Story, a blockchain to action affected account led by Preethi Kasireddy, additionally shut bottomward and alternate the basic they aloft to investors. They additionally cited ambiguity in the market.
We may still see startups and blockchain projects abutting their doors due to the bazaar ambiguity that affected Bitberry to abutting down. Only time will tell.
What do you anticipate about BitBerry’s closure? Let us apperceive in the comments!
Images via Shutterstock, Twitter @iam_preethi @
