Thanks to this partnership, Korbit users will now be able to invest, withdraw and perform multi-chain transactions directly via Base Chain. This development aims to contribute to South Korea’s efforts to grow its virtual asset ecosystem.

Korbit and Coinbase have signed a business agreement to include the Base Chain Network on the Korbit platform, according to a Business Korea report published on November 8. With this agreement, Korbit will host Base Chain, Coinbase’s Ethereum Layer 2 blockchain, on its platform.

Users can deposit Ether (ETH) on the Ethereum Chain and withdraw on the Base Chain; Likewise, they will be able to transfer their assets on the Base Chain to the Ethereum Chain.

With this collaboration, Coinbase will provide Korbit with promotional activities, community events and support for inclusion in the Base Chain ecosystem. It is stated that Coinbase aims to provide greater access to the Base Chain ecosystem for Korean investors.

Additionally, the collaboration of the two companies will include joint efforts to develop on-chain technology in South Korea and expand Base Chain’s functions throughout the country.

Korbit CEO Oh Se-jin stated that they have great expectations from the partnership with Coinbase. Pointing out that South Korea’s virtual asset industry is growing rapidly, Oh stated that this partnership will enable business models to be aligned with global trends and increase market competitiveness.

Oh also emphasized that this collaboration will improve the user experience by providing new and differentiated services for Korbit users in the future.

Coinbase Vice President of Business Development Dan Kim stated that Base Chain invited investors in Korea to their platform in order to provide greater access to the on-chain ecosystem for Korean investors.

Kim defined Base Chain as a platform accessible to everyone, everywhere, and stated that they will be an important part of the buildathon, hackathon and training events to be held in Korea.

Base Chain is Coinbase’s Ethereum Layer 2 blockchain and aims to strengthen the dApp (distributed application) ecosystem on Ethereum. This blockchain network, launched in August 2023, is designed to provide scalability and speed to the Ethereum network.

While this collaboration contributes to the further development of South Korea’s virtual asset ecosystem, it also stands out as a step in which Coinbase aims to reach a wider user base by increasing the use of Base Chain.

This new partnership of Korbit with Coinbase is seen as an important step not only for the crypto market in South Korea, but also for the growth of the global blockchain technology and ecosystem.

Thanks to this cooperation, Korean users will have a wider range of digital asset transaction opportunities, benefiting from the advantages offered by Base Chain.