Korean Bitcoin Exchange Korbit receives $400,000 in Funding

January 20, 2014

The Verge is reporting that South Korean Bitcoin exchange Korbit, has received $400,000 in funding. The investment money was pooled together by a group of Silicon Valley investors. Korbit was founded by Tony Lyu and launched in April 2013. Tony Lyu previously had the following to say about his startup.

Tony Lyu

We are expanding access to financial services and reducing financial costs by enabling people to buy and sell Bitcoin. We also reduce financial crime and increase government tax revenue by offering a transparent finance network.

As entrepreneurs we had experienced inefficiencies in the transaction and payment system in today’s society and realized that Bitcoin is the future. The market capitalization of Bitcoin has gone from 0 to a $1 billion in four years. This is a grand economic experiment, and it can change our fundamental understanding of money and finance

We are closely following the regulatory landscape. Regulatory clarity is beneficial to the whole industry and will only serve to raise the value of Bitcoin and make more people use it

Korea Realtime, a blog for The Wall Street Journal, has also previously reported on Korbit. During that report, Mr. Lyu was listed as saying that many Korean users “are interested to see how this virtual currency can change the way the society functions”.

The accompanying video is an interview with Tony Lyu explaining his startup, courtesy of seedstars.tv.

As always, stay tuned to CCN regarding further updates.

Last modified (UTC): January 20, 2014 06:55

theBitcoinBro @theBitcoinBro

I became interested in this science experiment we call cryptocurrency way back in the distant year 2012. I see the amazing potential of coins and want to share this excitement with others. You can email me at thebitcoinbro(at)gmail.com.