BitBerry Wallet to Report on Closure

Initially, the service was launched in 2018 in South Korea
03 February 2020   195

The popular crypto wallet Bitberry in South Korea is completing its operations, citing as reasons for the deteriorating market situation and uncertainty regarding the prospects of the blockchain industry. Finance Magnates reports with reference to local media.

Platform customer service will be stopped on February 29. Up to this point, users need to withdraw the assets in their wallets. The company will not charge withdrawal fees.

We decided to close the business due to the market deterioration and uncertainty of the blockchain industry.

 

Jang Sung-hoon

CEO of Root One Soft, the operator of Bitberry

Bitberry was launched in 2018 and focused on the ease of interaction with digital assets. To gain access to their accounts, users were invited to use the identifiers of the popular Kakao Talk messenger in the country. In addition, the application supported the ability to send funds by mobile phone number instead of the public key in the blockchain. The possibility of direct peer-to-peer exchange of cryptocurrencies between users through a “safe transaction” was also realized.

Root One Soft is a division of Dunamu, which also owns Upbit, a major Korean cryptocurrency exchange. Companies were considering incorporating Bitberry into the Dunamu Lambda 256 research unit, but ultimately decided to close the project.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   285

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.