South Korean crypto exchange Korbit has launched a new feature that allows users to send digital assets using a recipient’s phone number and real name instead of a wallet address. The new “Send to Contacts” service is designed to make crypto transfers easier and reduce mistakes caused by entering long wallet addresses.
The feature is available through the Korbit mobile app and is open to verified users who have completed KYC and tax reporting requirements.
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How does Korbit’s new transfer service work?
Users can send crypto by entering the recipient’s phone number and real name. There is no need to copy and paste a wallet address.
Korbit noted that the service is designed to make crypto transfers feel more like traditional banking apps. By removing the need for wallet addresses, the exchange hopes to reduce transfer errors and improve the user experience. The transfer limit is set at 1 million won per transaction and 10 million won per day.
What happens if the recipient is not a Korbit user?
Recipients who do not have a Korbit account will receive a notification through messaging apps such as KakaoTalk. They will have 72 hours to sign up for Korbit and complete identity verification before claiming the crypto. If the transfer is not claimed within that period, the funds will automatically be returned to the sender.
This process helps make transfers more accessible while protecting users from accidental losses.
Transaction fees and security improvement
The exchange said there are no transfer fees for the service. Because the transfer takes place within Korbit’s system, users also avoid blockchain network fees and confirmation wait times.
To improve security, Korbit applies multiple authentication checks during the transfer process. Transfer notifications are only sent when both the recipient’s phone number and real name match. The new feature is the first step toward making crypto transfers as simple as everyday payments while maintaining strong security standards.
The update comes as reports suggest that Mirae Asset Financial Group is in advanced talks to acquire Korbit in a deal reportedly valued at up to $100 million, highlighting growing institutional interest in South Korea’s crypto sector.
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