South Korean crypto exchange Korbit has partnered with Coinbase to bring Base Chain to the platform. Now users can make Base Chain deposits and withdrawals directly on Korbit.
According to a Business Korea report published on November 8, Korbit has signed a business agreement with US major crypto exchange Coinbase to host the Base Chain Network on their platform.
Through Korbit’s partnership with Coinbase, users can now make multi-chain deposits and withdrawals directly on the Korbit platform. For example, users can deposit Ether (ETH) on the Ethereum Chain and withdraw it on the Base Chain (BASE) and vice versa.
In return, Coinbase will support Korbit through promotional efforts, community events, and introduction to the Base Chain ecosystem.
Not only that, the collaboration between the two companies will also result in joint efforts to develop on-chain technology in South Korea and expand support for Base Chain features across the country.
You might also like: Korean crypto markets hit a two-year trading volume peak
Korbit CEO Oh Se-jin expressed optimism about Korbit’s partnership with Coinbase. He hopes the collaboration will help further expand South Korea’s growing virtual assets industry.
“This is an opportunity to develop business models that are aligned with rapidly changing global trends and ensure market competitiveness. We will provide differentiated benefits to users through various new services in the future,” Oh said.
Coinbase vice president of business development Dan Kim said Base Chain is excited to welcome more Korean merchants to its on-chain ecosystem. He described Base Chain as a platform that wants to be accessible to everyone, everywhere.
“We look forward to continued collaboration with Korbit, including hosting buildathons and hackathons and educational community events in Korea,” said Kim.
Base Chain is Coinbase’s Ethereum Layer 2 blockchain, designed to enable an on-chain application ecosystem. The blockchain network was launched in August 2023 with a focus on improving the dApp ecosystem on Ethereum.
You might also like: South Korea’s Upbit will launch Solana-based DRIFT trading pairs