South Korean Crypto Exchange Korbit Partners with Coinbase to Integrate Base Chain
South Korean cryptocurrency exchange Korbit has announced a strategic partnership with Coinbase to bring Base Chain onto its platform. This collaboration will allow users to seamlessly perform Base Chain deposits and withdrawals directly on Korbit.
According to a recent report by Business Korea, Korbit has officially signed a business agreement with Coinbase, a prominent U.S. cryptocurrency exchange, to host the Base Chain Network on its platform. Through this partnership, Korbit users can now engage in multi-chain deposits and withdrawals, such as depositing Ether (ETH) on the Ethereum Chain and withdrawing it on the Base Chain (BASE), and vice versa.
In exchange for this integration, Coinbase will support Korbit through various promotional activities, community events, and introduction into the Base Chain ecosystem. The collaboration between the two companies will also involve joint efforts to develop on-chain technology in South Korea and expand support for Base Chain functions across the country.
CEO of Korbit, Oh Se-jin, expressed optimism about the partnership with Coinbase, emphasizing the potential for growth in South Korea’s virtual asset industry. He stated, “This is an opportunity to develop business models aligned with rapidly changing global trends and secure market competitiveness. We will provide differentiated benefits to users through various new services in the future.”
Vice President of Business Development at Coinbase, Dan Kim, highlighted the excitement of Base Chain in welcoming more Korean traders into its on-chain ecosystem. Kim described Base Chain as a platform that aims to be accessible to anyone, anywhere. He also mentioned plans for hosting buildathons, hackathons, and educational community events in Korea in collaboration with Korbit.
Base Chain, launched by Coinbase, is an Ethereum Layer 2 blockchain designed to facilitate an on-chain application ecosystem. The network, introduced in August 2023, focuses on enhancing the decentralized application (dApp) ecosystem on Ethereum.
Stay tuned for more updates on the evolving cryptocurrency landscape!
