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Bitberry shutting down due to deteriorating profitability

Bitberry, a cryptocurrency wallet service operated by Dunamu’s RootOne Soft, will cease operation. Weakness in the blockchain market and low profitability were cited as the main reasons. Bitberry has asked users to withdraw all cryptocurrency by Feb. 29 at 3 p.m. Rootone Soft posted a notice on Jan. 29 saying that Bitberry services will end. It cited weakness in the blockchain industry and lingering uncertainties. Bitberry will halt support of wallets for all kinds of cryptocurrencies and has already notified users to withdraw their assets by the Feb. 29 deadline—including bitcoin, ethereum, ERC20, KCT and ripple. The safe transaction function will be halted from Jan. 31. 3 p.m. There have been reports that Dunamu has been restructuring RootOne Soft. It is said to be considering a merger of it with Lambda256, an affiliate that offers blockchain services. “There were discussions regarding Dunamu’s plan to merge the two companies, but it didn’t go through,” said RootOne Soft CEO Jang Seong-hun. “The final decision was to close down the Bitberry service.”

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