South Korea's largest exchange Korbit uses Ethereum wallet service

Rage Comment : After the largest Bitcoin exchange in South Korea, Korbit, opened the Ethereum wallet to deposit and withdraw Ethereum, Korbit's daily Ethereum trading volume increased significantly, but it will charge a certain fee to users who use this service. Korbit is the first startup in South Korea to promote the development of Ethereum. Some well-known Bitcoin exchanges such as Korbit have developed Ethereum-related products (digital wallets and other unique projects) in Japan. In this way, in the coming months, the improved Ethereum infrastructure and liquid assets will greatly facilitate Asian users.

Translation: Nicole

South Korea’s first Ethereum transaction took place on March 25, exactly one month ago.

South Korea’s largest bitcoin exchange, Korbit, has become the first startup in South Korea to make it easier for customers to deposit and withdraw ether using an Ethereum wallet.

South Korea’s first Ethereum transaction was on March 25, a month ago. Since then, Korbit’s daily Ethereum transaction volume has increased significantly, and the Korbit development team is also working hard to develop Ethereum-related products. Currently, the Korbit team is working to allow Korbit users to trade Ethereum via email.

However, Korbit charges a fixed fee of 0.01 ether for each withdrawal. After introducing the fee-per-withdrawal system, Korbit has increased the daily withdrawal limit for ether users to 1,000 ether, while the daily deposit limit for won is 10 million to 50 million won. The Korbit team said that the daily withdrawal limit for fixed users will increase by at least 150 ether.

In the process of integrating with the Ethereum wallet, the Korbit team announced that they plan to increase the fee paid to the Bitcoin network (miner’s fee) from 0.0002 to 0.0005 Bitcoin, probably due to a large number of user complaints about delays in the transaction payment and settlement process. The Bitcoin fee update will take effect on May 2, 2016.

Ethereum, which currently has a market value of $633 billion, is becoming increasingly popular among businesses and financial institutions, mainly due to its efficient smart contract settlement protocol. As a result, the demand for Ethereum's underlying currency, Ether, has greatly increased, especially in Asian regions such as Japan, South Korea and China.

Korbit is the first startup in South Korea to promote Ethereum development. Some well-known Bitcoin exchanges such as Korbit have already developed Ethereum-related products (digital wallets and other unique projects) in Japan. In this way, in the coming months, the improved Ethereum infrastructure and liquidity will greatly benefit Asian users.