Korbit and Coinbase Sign Agreement to Promote Base Chain

On November 7, Korbit, a leading virtual asset exchange in South Korea, announced a significant partnership with Coinbase, the largest virtual asset exchange in the United States. The agreement, signed at Korbit's headquarters in Gangnam, Seoul, aims to support the adoption of the Base Chain (BASE chain) network.

This collaboration marks a pivotal moment for both companies as they seek to expand the reach of on-chain technology in South Korea. With the new agreement in place, Korbit users can now perform multi-chain deposits and withdrawals, enhancing the flexibility and usability of virtual assets.

Base Chain, developed by Coinbase, is an Ethereum Layer 2 blockchain designed to support a robust on-chain application ecosystem. It aims to serve 1 billion users and 1 million developers, with transaction costs typically less than 1 cent.

Both companies are committed to furthering their collaboration to advance on-chain technology in South Korea. Coinbase will provide support through expanded marketing efforts, community event participation, and ecosystem introductions. Meanwhile, Korbit plans to contribute to the blockchain industry by conducting ongoing research and publishing insightful reports.

Korbit CEO Oh Se-jin expressed optimism about the partnership, stating, "Collaboration with Coinbase will help expand the domestic virtual asset industry. This is an opportunity to develop business models aligned with rapidly changing global trends and secure market competitiveness."

Dan Kim, Vice President of Business Development at Coinbase, added, "Base Chain is a platform for everyone, with typical transaction costs of less than 1 cent, making on-chain technology easily accessible to anyone, anywhere." He further noted, "We are pleased that more Koreans can participate in on-chain through collaboration with Korbit. We look forward to continuously working with Korbit, including hosting buildathons (hackathons) and educational community events in Korea."