South Korean-based crypto wallet, Bitberry, has reportedly announced to shut down in less than two years since it began operations. The news is quite surprising since the wallet has been a favorite for many in South Korea and overseas. Users have been given up to the end of the month to withdraw their funds.

Despite its popularity, Bitberry has witnessed declining profits from its business in recent times, per the report. The wallet is attributing the shutdown to market uncertainty and the slowdown in the crypto industry.

According to the CEO of Root One Soft, Jang Sung-Hoon, they decided to close the business due to the market deterioration and uncertainty of the blockchain industry. The report claimed that the wallet faced financial difficulties over the prolonged crypto winter in 2018 and has not been able to recover since then. Root One Soft is Bitberry’s operator and a subsidiary of Dunamu, the firm behind Upbit crypto exchange.

Launched in 2018, one of the outstanding features of Bitberry is that, it is linked with KakaoTalk, a popular messaging service in South Korea. This allowed its users to sign in using their KakaoTalk ID. The wallet users could also send and receive crypto using their mobile numbers instead of the long and complicated wallet addresses.

The wallet will officially shutdown on February 29, and users can withdraw their funds before that time. In order to ensure streamline movement of funds, the wallet has relinquished all withdrawal charges during the period.

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