The prolonged downfall in cryptocurrencies and the government’s lack of support have hit a toll on many South Korean blockchain startups. Some blockchain startups began to suspend business, with many of their employees are returning to the previous non-blockchain companies.
Most shocking was the recent resignation of an executive at a cryptocurrency exchange. The executive’s abrupt resignation sent a shock wave through the organization because the executive was in charge of all operations.
The executive reportedly returned to the previous non-blockchain job. The executive’s departure is reportedly attributable to the overall pessimistic view over the blockchain industry.
A Seoul-based blockchain startup has suspended its development project this week as its financial difficulty has reached a peak following the recent nosedive of the cryptocurrency prices. The CEO of the company said he might resume business sometime next year.
The depressed mood is likely to hang over the blockchain industry for the time being unless the cryptocurrency prices reverse their downturn.
