Korean Bitcoin Exchange Korbit Raises $400K From Angels, Bitcoin Opportunity Fund


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As Bitcoin trading and use spreads through medium-sized countries, local exchanges, wallets and processors are popping up left and right.

South Korea’s Korbit is one of the latest and it’s picking up $400,000 in funding from angels including Tim Draper, AngelList co-founder Naval Ravikant, SV Angel’s David Lee and SecondMarket CEO Barry Silbert, who created a Bitcoin Opportunity Fund. Also participating are Pietro Dova of XG Ventures, Michael Yang, co-founder of mySimon, and Jay Eum, co-founder of Translink Capital.

Interestingly enough, Korea’s government Ministry of Science helped broker contact between the startup and its angels. They had organized a pitch event in Silicon Valley where Draper was the judge.

The company, which is already profitable, does about $300,000 in trading volume per day with a 0.6 percent fee on buys and sells. They have about 20,000 registered users, and recently launched real-time processing for deposits and withdrawals. Although they are…

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