South Korean crypto exchange Korbit has partnered with Coinbase to expand local users’ access to the latter’s Layer 2 blockchain, Base.
As reported by Business Korea on November 8, the partnership will allow Korbit users to make direct deposits and withdrawals via the Base Chain network, enabling flexible asset transfers across chains. For instance, users can deposit Ether (ETH) on the Ethereum network and withdraw it on the Base Chain or vice versa.
In return, the U.S.-based crypto exchange will support Korbit through promotional activities and community events and by connecting it to the broader Base Chain ecosystem. The collaboration is also aimed at advancing on-chain technology within South Korea and broadening Base Chain’s reach in the region.
Korbit CEO Oh Se-jin expressed optimism about the partnership with Coinbase, viewing it as a step forward for South Korea’s expanding virtual asset industry.
“This collaboration allows us to develop business models that align with fast-evolving global trends, enhancing our market competitiveness,”
Oh stated, adding that Korbit plans to offer additional innovative services to provide users with unique benefits for users in the near future.
Dan Kim, Coinbase’s Vice President of Business Development, expressed enthusiasm about bringing more Korean traders into Base Chain’s on-chain ecosystem. He described Base Chain as an open-access platform “for anyone, anywhere.”
“We look forward to ongoing collaboration with Korbit, including organizing buildathons, hackathons, and educational events in Korea to support this growing community,”
Kim stated.
Notably, Coinbase launched Base in August 2023 to a resounding success. It has generated significant interest and debate as promising a major upgrade to Ethereum’s ecosystem.
Meanwhile, the Ethereum-based Layer 2 solution’s development team lead, Jesse Pollak, has taken on a new role at the crypto exchange; he is now also the head of Coinbase Wallet. This move is expected to align Base and Coinbase Wallet in a shared mission: simplifying on-chain access and connecting users to a wider range of decentralized products. Pollak noted that this strategy is intended to make blockchain technology more accessible to a larger audience.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
