Copy link
Increase text size
Decrease text size
Link copied

South Korean crypto wallet Bitberry shuts down due to “uncertainty of the blockchain industry”

Tue, 04 Feb 2020, 10:30 am UTC

Bitberry, a South Korea-based cryptocurrency wallet, has decided to shut down, Finance Magnates reported citing NewsTomato.

As per the details, Bitberry will officially close its services on Feb. 29. The platform is requesting its users to withdraw their funds from the platform. It would not be charging withdrawal fees, the report said.

The company has decided to terminate its services due to unpredictable market behavior in the blockchain space.

“We decided to close the business due to the market deterioration and uncertainty of the blockchain industry,” said Jang Sung-hoon, CEO of Root One Soft, the operator of the wallet.

Bitberry was launched in 2018 and was designed to be simple and user-friendly. It also allowed users to sign-in via Kakao Talk ID, the country’s leading messaging platform. In addition, the platform also simplified the processes of sending and receiving digital currencies by using a mobile number instead of the complex and difficult to understand public addresses.

The decision to wind down operations is rather surprising as the platform added new features last month to expand its client base. This includes a ‘secure transaction’ service to directly exchange peer-to-peer (P2P) cryptocurrencies.

The crypto wallet was reportedly in a deep financial crisis due to crypto winter. While the crypto market has been recovering in the past couple of months, the platform was struggling to cope up and ultimately decided to pull the plug.

Meanwhile, the finance ministry of South Korea is considering imposing a 20 percent income tax on cryptocurrency transactions. The Ministry of Economy and Finance has reportedly ordered its income tax department to review a cryptocurrency taxation plan which led to speculations that the government may no longer categorize cryptocurrency trading as capital gains but other income which will give the bureau the power to immediately impose a tax on gains from virtual asset trading.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.05.04 02:55:42
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,891.00 (+2.49%)
  • Ethereum (ETH) $398.12 (+2.39%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $303.97 (+2.09%)
  • Chainlink (LINK) $13.46 (-4.49%)
  • Bitcoin (BTC) $11,891.00 (+2.49%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft