The South Korea-based crypto wallet app BitBerry announced that it would close down its operations by the end of this month. As per the local news reports, BitBerry will close down its operations on the 29th of February 2020 at 3:00 pm. BitBerry is a subsidiary company of Root One Soft.
BitBerry is closing down because of market deterioration.
The CEO of Root One Soft, Jang Sung-hoon, issued a statement saying that they decided to close the business due to the market deterioration and uncertainty of the blockchain industry. The company faced financial struggles during the last crypto winter. BitBerry failed to re-establish and decided to close up.
97% of Korean crypto exchanges were close to bankruptcy.
According to the Business Korea report, 97% of crypto exchanges were close to insolvency and bankruptcy last year. The bear market that began in December of 2017 caused several startups to close down in South Korea. South Korea has been among the most active countries when it comes to adopting blockchain technology. The country’s military is also adopting a blockchain ID and authentication system. The financial regulators in the country recently announced to enforce guidelines regarding crypto, as suggested by the Financial Action Task Force (FATF).