South Korea's Korbit launches Ethereum wallet, greatly improving the convenience of users' Ethereum deposit and withdrawal

South Korea’s largest bitcoin exchange, Korbit, has become the country’s first startup to launch an ethereum wallet, which will greatly improve the convenience of users storing and accessing the ethereum token ether.

On March 25, 2016, Korbit Exchange introduced Ethereum trading on its platform for the first time. Since then, the daily trading volume of Ethereum on the Korbit platform has seen substantial growth. The Korbit development team has currently focused most of their work on the development of Ethereum-related products. Currently, Korbit is working on the technology to transfer Ethereum between Korbit users via email.

However, Korbit will charge a fixed fee of 0.01 ether for each ether withdrawal transaction by platform users. While introducing the Ethereum withdrawal fee system, the Korbit team also increased the daily ether withdrawal limit for users with relatively active trading activities to 1,000 ether and the won deposit limit from 10 million to 50 million won. For ordinary users, the Korbit team said that their daily limit will be increased to at least 150 ether.

In conjunction with the Ethereum wallet integration, the Korbit team also announced that they plan to increase the Bitcoin network (miner fee) from 0.0002 to 0.0005 BTC, likely due to increasing user complaints about delays in purchase and trade settlements. The Bitcoin fee update will take effect on May 2, 2016.

Ethereum currently has a market cap of $633 million and is becoming increasingly popular with businesses and financial institutions, primarily due to its efficient smart contract settlement protocol. As a result, demand for the Ethereum network’s underlying currency, Ether, has increased significantly, especially in Asian regions such as Japan, South Korea, and China.

Korbit is the first startup in South Korea to promote the development of Ethereum. Some well-known Bitcoin exchanges including Kraken have already developed Ethereum-related products such as wallets and other special projects in Japan. At this rate, Asian users will greatly benefit from the enhanced Ethereum infrastructure and liquidity in the coming months.