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Korean Exchange Korbit Enables ETH Trading Option

Reading Time: 2 minutes by on March 29, 2016 Business, News, Tech
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Korea’s Korbit now offers an early stage trading option of Ethereum’s crytpocurrency ETH. In an email newsletter to its users, Korbit announced that it would be immediately launching the capability to trade BTC to ETH within their online trading platform. The massive 1000% growth of ETH over the last 3 months has garnered interest from many different Bitcoin and cryptocurrency wallets and exchanges. Currently ETH is the only other cryptocurrency being traded by Korbit.

Due to widespread interest in Ethereum’s transition from their Frontier stage to their Homestead stage, the volume of buying and trading ETH has been at an all time high. Earlier in March, ETH passed a $1 billion dollar market cap for the first time and has traded close to that number since then. At one point the price per ETH was bouncing near $15 USD per share before leveling off at around $10-$12 where it’s been for the past couple of weeks.

In order to trade ETH on Korbit’s platform, users must have converted fiat Korean Won into Bitcoin already or have BTC in their Korbit wallets. The BTC must then be transferred to a special BTC/ETH wallet which allows trading to take place. Korbit does not currently offer an actual ETH wallet, so ETH cannot be traded or sent to other ETH wallets from Korbit, only traded back into BTC and subsequently fiat KRW through the original wallet.

The process isn’t currently the smoothest available, as websites like Kraken, Poloniex and have more streamlined method of trading; however, for active traders in Korea and anyone who wishes to use the Korbit BTC wallet, it’s an opportunity to start benefiting immediately — and possibly profiting — from the trading volumes seen with ETH.

When asked via email about whether they’d be offering a standalone ETH wallet similar to the one they offer for BTC, Korbit said that an ETH wallet would potentially be available sometime in April. In the meantime, there are many other options for browser-based, mobile and paper wallets for ETH available.

Korbit has been fast to implement other new features into their platform to stay abreast of trends in the industry, also including BitGo Instant transfers, apparently wanting to offer their Korean customer base the cutting edge options available elsewhere in the world. They offer unique functionality interacting with local banks in Korea which allow faster transfer to and from ATM’s and banking accounts than many other wallets and exchanges such as Coinbase based in the U.S.

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