South Korean cryptocurrency exchange Korbit has announced a partnership with American platform Coinbase. Korbit users can now use the Base Chain network for deposits and withdrawals.
Korbit and Coinbase Partnership
According to Business Korea's report on November 8, Korbit has signed a business agreement with the American cryptocurrency exchange Coinbase to host the Base Chain network on its platform. This cooperation enables users to engage in multi-chain deposits and withdrawals.
Benefits for Users
Thanks to the partnership, Korbit users can now deposit Ether on the Ethereum Chain and withdraw it via the Base Chain, and vice versa. In return, Coinbase will support Korbit through promotional efforts, community events, and integration into the Base Chain ecosystem.
Future Collaboration
Moreover, the collaboration will result in joint efforts to develop on-chain technology in South Korea and expand support for Base Chain functions throughout the country.
Korbit's CEO, Oh Se-jin, expressed optimism about the partnership with Coinbase, noting that it will help expand South Korea's growing virtual asset industry.
"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," said Oh Se-jin.
Dan Kim, vice president of business development at Coinbase, highlighted that Base Chain is thrilled to welcome more Korean traders into its on-chain ecosystem. He described Base Chain as a platform accessible to everyone, everywhere.
"We look forward to continuously working with Korbit, including hosting buildathons and hackathons and educational community events in Korea," said Kim.
Base Chain is Coinbase's Ethereum Layer 2 blockchain designed to create an on-chain application ecosystem. The network was launched in August 2023 with a focus on developing the decentralized application ecosystem on Ethereum.
The partnership between Korbit and Coinbase opens new opportunities for users in South Korea, allowing them to integrate the Base Chain network and participate in the development of on-chain technology.
