Asia is a big hotspot for anything related to Bitcoin and digital currencies, despite governments trying to steer people away by issuing certain guidelines. It looks like South Korean companies want to put themselves on the Bitcoin map, and Korbit is one of them.
“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”
After a successful round of funding, during which US$ 3 million was raised, Korbit looks to become to Korean equivalent of CoinBase or BitPay. With their Korean Bitcoin-Won exchange proving to be a great success, there is definitely a demand for such services.
Korbit has also released its very own Android application, which can be used to execute trades on their exchange, or just as a Bitcoin wallet. Even though the number of installations (according to the Google Play Store) is still fairly limited, the fact it runs on Android 2.3 and higher is definitely a step in the right direction.
“Korbit offers Bitcoin wallet and merchant processing services through KorbitPay. Their Korean Bitcoin-Won exchange 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.”
By charging a 1% fee for Bitcoin-to-fiat conversions, merchants are incentivized to keep (a portion of) their earnings in Bitcoin. Most global merchants are immediately cashing out their Bitcoin to fiat currency, which could be a factor in the recent Bitcoin price drop.
Several of Korbit’s investors might ring a bell, with names including Barry Silbert, Tim Draper and Pantera Capital. By combining a group of successful investors with a solid platform, Korbit has all the potential to become the biggest Korean Bitcoin exchange.
I have included a small video which briefly explains Korbit :
Website : https://www.korbit.co.kr/