Korbit is a centralized cryptocurrency exchange headquartered in Seoul, South Korea. According to the information on its website, the platform is operated by Korbit Inc. (business registration number 220-88-61399) with address: 129 Teheran-ro 12th Fl., Gangnam-gu, Seoul. However, the date of the establishment can’t be found anywhere on the website. According to Korbit’s LinkedIn page though, the exchange was established in 2013 and was the first cryptocurrency trading platform in Korea. The CEO position is held by Jason Park – a professional with substantial entrepreneurial experience and a Bachelor’s degree in Computer Engineering from the University of Illinois at Urbana-Champaign.
Korbit’s LinkedIn page states that the exchange is “one of the few” in Korea that have a banking partner to allow traders to deposit and withdraw Korean Won. According to the information, Korbit is backed by leading investors, including SoftBank, Pantera, Tim Draper, and DCG. Data from Crunchbase reveals that Korbit acquired $6.5 million in funding in 5 rounds. In 2017, Korbit was acquired by NXC, the holding company of Nexon (TYO: 3659), a multi-billion-dollar gaming company based in Japan.
Korbit’s primary target market is South Korea which explains why the fiat currency of choice is the Korean Won. At the time of this writing, investors from other countries are restricted from setting up an account with the exchange. However, this doesn’t justify the fact that the exchange’s website supports a very poorly-translated English version, which most of the time can’t even be switched to. The information is minimal, and in some sections of the website, even the English version has texts in Korean.
In terms of functionalities, it is worth noting that Korbit is more of a “plain-vanilla” cryptocurrency exchange. It sticks to the traditional features and doesn’t offer things like continuous promotional campaigns, affiliate programs, bonuses, or several types of accounts – it supports just one, regular account for all customers. The trading platform also is quite limited, with only a few indicators and analysis features included. The more advanced traders may want to use external charting software to assist their trading. At the time of this writing, there is no margin trading as well. However, it does offer an exciting feature that allows clients to make transfers directly to a Korean bank account with zero transaction fees.
Korbit doesn’t shine in the aspect of security as well. Regarding the platform’s stability, all the company says is that it “has security measures in place to protect against hacking attacks.” It continues by stating that it provides “the best security system and a stable server based on the know-how accumulated over the years.” In reality, though, things are quite different. Aside from basic password authentication, the platform doesn’t employ any additional security features. While there is a security section to the account configuration page, at the time of this writing, it simply contains a setting to change the page where you land after logging in. Korbit claims that it stores the majority of users’ funds in cold storage.
When it comes to customer support, the good thing is that the exchange offers 24/7 assistance to its clients. Clients can get in touch with the exchange’s representatives through their customer support hotline or by email. Korbit states that it “boasts a 90% service level and quickly response time for email enquiries.” At the time of this writing, there are no user reviews to confirm or reject that. In general, Korbit doesn’t have a solid base of user reviews or opinions online. However, some of the exchange’s clients use Reddit and Bitcointalk to express problems with cryptocurrency withdrawals that remain unresolved.
Considering the exchange’s claims that it is the first Korean cryptocurrency trading platform, for the time being, it would have been better if the team has improved the website and the trading experience. The lack of information on the exchange’s website and the need to reach to external sources to find out more about Korbit also isn’t ideal.
At the time of this writing, there is no information about hacker attacks targeted at Korbit. However, the exchange was among the four (together with UpBit, Bithumb, and Coinone) who in January 2018, joined forces to create a hotline for major exchanges to ensure suspicious transactions could be detected and frozen immediately after being disclosed. Korbit is a part of the Korean Blockchain Association and, at the time of this writing, is insured with a coverage amount of 3 billion won ($2.7 million) as a part of a local initiative to establish an insurance fund for cryptocurrency exchange’s clients.Read More