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 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.
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.