Bitberry, a South Korea-based crypto wallet app, has announced that it will stop operations by the end of this month. It was reported that Bitberry, a subsidiary company of Root One Soft, will close down its operations on 29th February, 2020 at 3:00 p.m.

Jang Sung-hoon, CEO of Root One Soft, stated that they decided to close the business due to market decline and uncertainty of the blockchain industry. Bitberry faced financial difficulties during the last crypto winter and it failed to re-establish, therefore decided to shut down.

97% of crypto exchanges were close to bankruptcy and insolvency last year, according to Business Korea reports. The bear market which started in December 2017 caused a lot of companies in South Korea to close down. The country has been one of the most active countries in adopting blockchain technology.

Moreover, South Korea’s military is also adopting a blockchain authentication and ID system. Recently, the financial regulators in the country announced that they will enforce crypto guidelines, as suggested by the Financial Action Task Force.

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