South Korean Bitberry Wallet Announces Closure Tran
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3 February
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The South Korean cryptocurrency wallet Bitberry has announced the closure due to the deteriorating market position and uncertainty about the prospects for the blockchain industry, iHodl Russia has learned.

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The user service will be terminated on February 29. Prior to this, customers will need to withdraw assets stored in their wallets (commission-free).

Root One Soft Head Jang Sung-hoon, a company that regulates Bitberry, says the company decided to get out of business due to worsening market conditions in addition to uncertainty on the blockchain market.

Bitberry was launched back in 2018 and had been focusing on the ease of interaction with digital assets. To gain access to their accounts, users were invited to use the Kakao Talk messenger identifiers. In addition, the application supported the ability to send funds by phone number.

Earlier iHodl reported that South Korea's authorities are exploring the possibility of introducing a 20% tax on crypto-related gains. The South Korean Ministry of Economy and Finance tasked the tax department to develop a new tax that will be applied to crypto-related gains.

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