Binance Singapore Unit to Apply For License

The popular crypto wallet Bitberry in South Korea is completing its operations, citing as reasons for the deteriorating market situation and uncertainty regarding the prospects of the blockchain industry. Finance Magnates reports with reference to local media.

Platform customer service will be stopped on February 29. Up to this point, users need to withdraw the assets in their wallets. The company will not charge withdrawal fees.

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

Jang Sung-hoon

CEO of Root One Soft, the operator of Bitberry

Bitberry was launched in 2018 and focused on the ease of interaction with digital assets. To gain access to their accounts, users were invited to use the identifiers of the popular Kakao Talk messenger in the country. In addition, the application supported the ability to send funds by mobile phone number instead of the public key in the blockchain. The possibility of direct peer-to-peer exchange of cryptocurrencies between users through a “safe transaction” was also realized.

Root One Soft is a division of Dunamu, which also owns Upbit, a major Korean cryptocurrency exchange. Companies were considering incorporating Bitberry into the Dunamu Lambda 256 research unit, but ultimately decided to close the project.