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- BitBerry, a South Korean based Cryptocurrency Wallet service, has terminated its services of providing wallet support from February 29th.
- BitBerry addressed the reason for their halt of services as unpredictable market behavior in the Blockchain space and fluctuation of the prices.
- BitBerry faces financial drawbacks alongside a fall in the market value of Crypto assets.
BitBerry, a South Korean based Cryptocurrency Wallet service, has terminated its services of providing wallet support from February 29th. The users still holding assets in the wallet are sent notifications through emails to transfer their assets to other wallets.
BitBerry addressed the reason for their halt of services as unpredictable market behavior in the Blockchain space and fluctuation of the prices. The BitBerry wallet reported being a popular wallet service in South Korea with user-friendly features since its launch in 2018.
The unique feature of the wallet service is that the assets in the respective wallets can be sent using just the phone number of other participants rather than the address of the wallet.
With offering unique services, BitBerry faces financial drawbacks alongside a fall in the market value of Crypto assets. It can be noted that the wallet’s operator is a subsidiary of Dunamu, the firm behind the famous UpBit cryptocurrency exchange.
The wallet services are reportedly shutting down ahead of the launch of Kakao’s cryptocurrency wallet Klip, which more than expected to come out in the first half of this year.
As the CryptoGlobe agency reported, Kakao announced the launch of its very easy and user-friendly cryptocurrency wallet back in August 2019. They are portraying that it will support its Klay cryptocurrency and tokens based on the Klaytn Blockchain, and also the decentralized applications (DApps).
There are many wallet services provided around the Blockchain sphere and the cryptocurrency nation. Many have made stable launches, while many have stopped giving services over technical and market factors, which would have affected them in the long run.
However, the wallets that launched during the uptrend of the cryptocurrency market have got positive results. Still, the ones launched during the cryptocurrency drought have faced issues in maintaining the finances. BitBerry is one of them.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
