Korbit partners with Coinbase to support the Base Chain network, enhance multichain functionality, and promote affordable on-chain adoption in Korea.
Korbit, a leading South Korean virtual asset exchange, has signed a significant partnership with Coinbase, the largest cryptocurrency exchange in the United States. The agreement was announced on November 8. It aims to support the Base Chain network, an Ethereum Layer 2 blockchain developed by Coinbase. The partnership was formalized during a ceremony held on November 7 at Korbit’s headquarters in Seoul. This ceremony includes key figures like Korbit CEO Oh Se-jin and Coinbase’s Vice President of Business Development, Dan Kim.
Under the deal, Korbit users can transfer and withdraw digital assets from one blockchain to another including Base Chain and Ethereum. This includes the ability to deposit Ethereum (ETH) on the Ethereum blockchain and withdraw it on the Base Chain, or deposit USD Coin (USDC) on Base Chain and withdraw on Ethereum. This multichain functionality enhances the usability of Korbit’s platform since it eases and reduces the cost of cross-chain operations.
Korbit and Coinbase Collaborate to Grow Global On-Chain Adoption
Base Chain is another innovative chain created by Coinbase. The company’s goal is to keep all transactions below one cent. The main idea of the blockchain is to grow on-chain application usage and global adoption to reach one billion users and one million developers. This collaboration will also give Korean users access to this low-cost, scalable platform.
Korbit and Coinbase agreed to continue developing their partnership to advance on-chain technology and the Base Chain ecosystem. Coinbase will help Korbit through marketing, attending conferences and fairs, and introducing Base Chain to the Korean market. Korbit, on the other hand, aims to use the research centre to offer information on the blockchain sector and pass on knowledge in the form of research findings.
Korbit CEO Oh Se-jin said in his speech that the partnership would contribute to firming up the domestic virtual asset market. He said it allows Korbit to follow similar trends and enhance the firm’s competitiveness in the ever-evolving crypto markets. Oh also said the company has been developing new services that should provide distinct value to users in the future.
Dan Kim from Coinbase spoke about the features of Base Chain. He noted that it is cheap and can make the on-chain technology affordable. Furthermore, he was keen on working with Korbit in hackathons and educational events and increasing the on-chain population in Korea.
This partnership marks a significant step in enhancing blockchain adoption and user engagement in Korea. It will also position Korbit as a key player in advancing the Base Chain ecosystem.
