South Korean cryptocurrency exchange Korbit has announced a strategic partnership with U.S. based crypto giant Coinbase to incorporate the Base Chain Network on their platform. This partnership will enable Korbit users to conduct multi-chain deposits and withdrawals directly from the platform.
As per a report from Business Korea on November 8, Korbit and Coinbase have signed a business agreement to introduce the Base Chain Network to the Korbit platform. This means that users can now deposit Ether (ETH) on the Ethereum Chain and withdraw it on the Base Chain (BASE), or vice versa.
Coinbase, in return, will support Korbit in promotional activities, community events, and integration into the Base Chain ecosystem. This partnership signifies a collaborative effort to develop on-chain technology in South Korea and expand support for Base Chain functions across the country.
Oh Se-jin, CEO of Korbit, expressed his optimism about the partnership, anticipating that it will facilitate the expansion of South Korea’s burgeoning virtual asset industry. “This is an opportunity to develop business models aligned with rapidly changing global trends and to secure market competitiveness. We aim to offer unique benefits to our users through various novel services in the future,” Oh stated.
Dan Kim, Vice President of Business Development at Coinbase, said that Base Chain is eager to welcome more Korean traders into its on-chain ecosystem. He characterized Base Chain as a platform that strives to be accessible to anyone, anywhere. “We are excited to continue our work with Korbit, which includes organizing buildathons, hackathons, and educational community events in Korea,” Kim added.
Base Chain is Coinbase’s Ethereum Layer 2 blockchain designed to enable the on-chain application ecosystem. Launched in August 2023, the blockchain network focuses on enhancing the decentralized application (dApp) ecosystem on Ethereum.
This partnership, undoubtedly, marks a significant step towards creating an interoperable ecosystem, bridging the gap between different blockchain networks. By doing so, it opens up new opportunities and prospects for users while adding a new dimension to the digital asset industry in South Korea. It also underscores the increasing global adoption of blockchain technology and its potential to reshape various sectors, from finance to supply chain and beyond.
