Korbit Partners With Coinbase To Host Base Chain In South Korea

South Korean crypto exchange Korbit has partnered with Coinbase to bring Base Chain onto the platform. Now, users can perform Base Chain deposits and withdrawals directly on Korbit.

According to a Business Korea report published on Nov. 8, Korbit has signed a business agreement with U.S major crypto exchange Coinbase to host the Base Chain Network on their platform.

Through Korbit’s collaboration with Coinbase, its users can now perform multi-chain deposits and withdrawals directly on the Korbit platform. For instance, 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 into the Base Chain ecosystem.

Not only that, the partnership between the two companies will also result in collaborative efforts to develop on-chain technology in South Korea and expanding support for Base Chain functions across the country.

CEO of Korbit, Oh Se-jin, expressed optimism in Korbit’s partnership with Coinbase. He hopes the collaboration will serve to further expand South Korea’s growing virtual asset industry.

“This is an opportunity to develop business models aligned with rapidly changing global trends and secure market competitiveness. We will provide differentiated benefits to users through various new services in the future,” said Oh.

Vice president of business development at Coinbase, Dan Kim, said that Base Chain is excited to welcome more Korean traders into its on-chain ecosystem. He described Base Chain as a platform that aims to be accessible to anyone anywhere.

“We look forward to continuously working 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 enhancing the dApp ecosystem on Ethereum.