Korean Bitcoin Exchange Korbit Receives $400,000 Investment

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Having been in operation for nearly one year and accumulating on the order of 20,000 registered users in that time frame, South Korea’s first and largest bitcoin exchange — Korbit — is reported to have received $400,000 in seed investment funding from Silicon Valley venture capitalists.

The Valley’s interest in this exchange halfway around the globe likely stems from the fact that the operation is already profitable. The exchange’s success is, in part, attributable to the South Korean government’s involvement — who is said to have provided funding to allow Korbit to get venture capitalists’ attention in California.

And they did. At a start-up event, Korbit secured the above-mentioned amount of $400,000. The lead investor? Tim Draper (who was also the judge of the particular event Korbit participated in) of VC firm DFJ.

“Bitcoin’s growth in Korea is remarkable for the sophistication of the public dialog around its potential for innovation and wealth creation,” Draper said, also noting that the country is capable of “play[ing] a leading role in the future of global finance”. (via The Verge)