The Korean local bitcoin exchange, Korbit, built on the lines of Coinbase and BitPay, has got things moving in its favor as major venture capitals bring $3 million to the table in Series A funds. Other investors include SoftBank Ventures Korea, Pantera Capital and BAM Ventures.
Korbit affirmed the funding in a statement, and explained that the new funds would be put to use for hiring more people along with improving quality in the products and services it offers.
Korbit currently offers Korbit Pay in the merchant processing servicing segment, along with a bitcoin wallet unit.
Korbit charges 1% from merchants when they ask for bitcoin payments made in local currency or other traditional currencies.
CEO of Korbit, Tony Lyu, is upbeat about the Korean bitcoin market given the increase in commercial bitcoin use. He further explained that with outdated regulations in place, it is more convenient to use bitcoins in Korea.
The current online payment structures leave users wanting on several aspects, allowing the quicker adoption of swifter transactional modes such as bitcoins, via Korbit.
Now that they hold a key stake in this growing south pacific bitcoin exchange, Pantera Capital’s CEO Dan Morehead shared the reasons for their latest funding overture.
Commending the immense growth potential in South Korea in virtual goods within the e-commerce setup, he appreciated the government’s proactive role in adopting the latest technology innovations such as Korbit.
The local government is deeply invested in Korbit.
The advantage for the company is the captive local technical skills that pre-lend themselves to an increasing bitcoin and cryptocurrency user-base in the country, backed by infrastructure and government, Pantera Capital’s Morehead explained.
