Korbit Makes Bitcoin Easy In South Korea

Korbit Leads South Korean Bitcoin Economy

South Korea is well known for making technological advancements as Samsung is a household name.  Forbes ran a story that South Korea will be the next global hub for tech start-ups.  It should come as no surprise then that Korean Bitcoin companies like Korbit are making a splash.

Korbit has already raised $3 million of Series-A funding.  Imagine the service is similar to CoinBase or BitPay, expect localized for the Korean market.  The following video explains:

Korbit is special because:

Korbit offers Bitcoin wallet and merchant processing services through KorbitPay.  Last April they launched the Korean Bitcoin-Won Exchange.  It currently has 25,000 users for its exchange and wallet services.  There are 400 merchant accounts for KorbitPay… Korbit monetizes by charging a 1% fee for merchants who want their incoming Bitcoin payments converted to fiat currency.

Charging a fee to receive fiat currency is an interesting move as it gives incentive for merchants to keep their Bitcoins.  Bitcoin’s current lower price may be a result of merchant adoption, as many merchants are immediately choosing to switch to fiat currency when receiving Bitcoins.

To understand more of Korbit’s roots, watch the video below of a presentation from September 2013:

How Korbit Works

Korbit provides a market for people to trade Bitcoin for Korean Won and visa-versa.  Users can either deposit with Won or Bitcoin and can also withdraw in both currencies.  The exchange provides in depth charting and an open order book.

Korbit is a financial technology company founded in 2013 by entrepreneurs from Silicon Valley and Seoul. Korbit started by offering the world’s first Bitcoin-Korean Won exchange. Now Korbit has expanded its offerings to a variety of services that help individuals and businesses make easy and secure financial transactions around the world.

Korbit has a proven track record operating a BTC-KRW exchange and is backed by a world renowned group of investors.

Korbit Investors

Well known Bitcoin investors are on board such as Barry Silbert, Tim Draper, and Pantera Capital. The full list of investors can be viewed below:

Korbit Investors

Korbit Investors

With a solid platform, and a group of successful investors behind it, Korbit is poised to become the premiere Korean Bitcoin exchange.  If you have more information about this story, please leave us a comment below.

Author: Satoshi Nakamoto

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1 Comment

  1. This is great news for those, hopefully legions, of us who want to see Bitcoons flourish!

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