Another victory! South Korean exchange Korbit announced support for Ethereum

Since the Japanese Coincheck exchange announced its support for Ethereum, the Korean Korbit exchange has also begun to follow the trend of Ethereum development. Currently, Korbit has announced that Ethereum will be added to their platform. Although the current development level of Ethereum cannot match that of Bitcoin, the gap between the two is gradually narrowing.

Korbit Brings Ethereum to South Korea

In an email to platform users, the Korbit platform team announced that its trading market officially supports Ethereum. As Ethereum becomes more and more popular in the world, the digital currency Ethereum continues to open up new markets. It is worth noting that Ethereum was listed on Japanese and Korean exchanges in less than 72 hours, which is really a feat.

For now, Korbit users can only trade between Bitcoin and Ethereum, and there are no plans to offer fiat currency trading options. However, users can deposit funds into their accounts in Korean won and quickly exchange them for Bitcoin. The existence of this intermediate step is indeed annoying, but sometimes it is necessary to achieve the purpose.

In addition, Korbit users need to transfer funds from the Korean won-Bitcoin wallet to the Bitcoin-Ethereum wallet, but don't worry, this step can be completed instantly and without any fees. At the same time, the exchange warns traders that if the price of Ethereum fluctuates greatly, the exchange may suspend Ethereum orders for a period of time.

It remains to be seen whether Ethereum will have a huge demand in South Korea, as even Bitcoin is still in its early stages of development in South Korea. However, the large number of arbitrage opportunities that arise between the two digital currencies could lead to a surge in trading volume, which is not a bad thing for South Korea.

Considering that the Korbit platform currently does not offer the option to trade Ethereum against the Korean won, there is no need for new users to undergo thorough identity verification. Therefore, users around the world can deposit and withdraw Bitcoin and Ethereum on the Korbit platform with relative ease.

Original article: http://themerkle.com/korean-exchange-korbit-adds-ethereum-trading-market/
By JP Buntinx
Compiled by: Kyle
Source (translation): Babbit Information (http://www.8btc.com/korbit-adds-ethereum)