Korbit partners with Coinbase to host Base Chain in South Korea

South Korean Crypto Exchange Korbit Partners with Coinbase to Integrate Base Chain

Korbit, a leading South Korean crypto exchange, has announced a partnership with U.S.-based Coinbase to integrate Base Chain onto its platform, enabling users to perform deposits and withdrawals directly across the Base Chain network.

According to a report by Business Korea published on Nov. 8, Korbit has signed a formal business agreement with Coinbase to host the Base Chain Network. This collaboration allows users on Korbit to execute multi-chain deposits and withdrawals, facilitating seamless transfers between different blockchain networks. For example, users can deposit Ether (ETH) on the Ethereum blockchain and withdraw it on the Base Chain, and vice versa.

In exchange for this partnership, Coinbase has agreed to support Korbit through various promotional efforts, including community events and fostering connections within the Base Chain ecosystem. Both companies are also committed to advancing blockchain development in South Korea, particularly through the expansion of Base Chain’s functions in the region.

Korbit’s CEO, Oh Se-jin, expressed enthusiasm about the partnership, stating that it would help expand South Korea’s virtual asset industry and create new opportunities aligned with global blockchain trends. “This collaboration allows us to develop business models that reflect rapidly changing trends in the global market, helping us stay competitive. We will offer our users a wide range of new services,” said Oh.

On the other hand, Dan Kim, Coinbase’s Vice President of Business Development, welcomed the opportunity to bring more Korean traders into the Base Chain ecosystem. He highlighted that Base Chain aims to be a platform that is accessible to users anywhere, and expressed excitement about working with Korbit on initiatives such as hackathons, buildathons, and educational events to further engage the South Korean crypto community.

Launched in August 2023, Base Chain is an Ethereum Layer-2 blockchain developed by Coinbase to enhance the decentralized application (dApp) ecosystem on Ethereum, offering users faster and more scalable transactions while lowering costs. The partnership between Korbit and Coinbase signifies a major step in expanding Base Chain’s presence and adoption, particularly in South Korea’s growing crypto market.