Korea-based Korbit gets $3 million in Series A funding

Seoul-based Korbit has secured $3 million in a Series A funding round led by SoftBank Ventures Korea.

Korbit is like a Coinbase for Korea, offering a wallet, merchant services and a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange. It says to support 25,000 user accounts and 400 merchant accounts.

Other participants in the round included: Pantera Capital, which led the round from the US side, BAM Ventures, Bitcoin Opportunity Corp, Tim Draper, Pietro Dova and Strong Ventures.

Softbank specializes in IT startup investment and corporate restructuring. It is described to envision "a world where everyone is happily connected to each other via digital networks." Said Partner Kangjoon Ryan Lee :

"The costs and security issues arising from the reliance on financial intermediaries for credit guarantees has been mitigated through Bitcoin's technological innovation. Bitcoin provides big advantages in terms of cost savings and ease of use compared to traditional currencies and credit cards."

Thus, the achievements made by Bitcoin can have profound impacts on other industries:

"I expect Bitcoin to create meaningful markets in Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and international remittance. Going forward, Bitcoin can play a role in wider variety of industries, for example enabling machine-to-machine transactions or acting as a platform for smart contracts."

Korbit introduced Bitcoin to Korea last year when it opened its Bitcoin-Korean Won exchange service.

The funding will be used to improve security and ease of use, and bring in top talent.