Korbit partners with Coinbase to host Base Chain in South Korea

South Korean crypto exchange Korbit has partnered with Coinbase to bring Base Chain to the platform. Now users will be able to make Base Chain deposits and withdrawals directly through Korbit.

According to a Business Korea report published on November 8, Korbit signed a business agreement with leading US crypto exchange Coinbase to host the Base Chain Network on its platforms.

Thanks to Korbit’s collaboration with Coinbase, users will now be able to make multi-chain deposits and withdrawals directly through the Korbit platform. For example, users can deposit Ether (ETH) to the Ethereum Chain and withdraw from the Base Chain (BASE) and vice versa.

In return, Coinbase will support Korbit through promotional efforts, community events, and entry into the Base Chain ecosystem.

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

Korbit CEO Oh Se-jin expressed optimism about 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 that are compatible with rapidly changing global trends and ensure market competitiveness. “In the future, we will provide different benefits to users through various new services,” he said.

Dan Kim, vice president of business development at Coinbase, said Base Chain is excited to welcome more Korean investors to its on-chain ecosystem. He defined Base Chain as a platform that aims to be accessible to everyone from anywhere.

“We look forward to continuing to work with Korbit, including hosting build challenges, hackathons, and educational community events in Korea,” Kim said.

Base Chain is an Ethereum Layer 2 blockchain designed to enable Coinbase’s on-chain application ecosystem. The blockchain network was launched in August 2023 with a focus on developing the dApp ecosystem on Ethereum.