Virtual Asset Exchange Korbit Announces Business Agreement with Coinbase to Support 'Base Chain (BASE chain)' Network

Virtual asset exchange Korbit announced on Nov. 8 that it has signed a business agreement with Coinbase, the largest virtual asset exchange in the United States, to support the "Base Chain (BASE chain)" network.

Virtual asset exchange Korbit announced Wednesday that it has signed a business agreement with Coinbase, the largest virtual asset exchange in the United States, to support the "Base Chain (BASE chain)" network.

The agreement ceremony, held Tuesday at Korbit's headquarters in Gangnam, Seoul, was attended by Korbit CEO Oh Se-jin and Dan Kim, vice president of business development at Coinbase.

With this agreement, Base Chain deposits and withdrawals have become possible on Korbit. Korbit users can perform multichain deposits and withdrawals, such as depositing Ethereum (ETH) on the Ethereum chain and withdrawing it on the Base Chain, or depositing USD Coin (USDC) on the Base Chain and withdrawing it on the Ethereum chain.

Base Chain is Coinbase's Ethereum Layer 2 blockchain designed to enable an on-chain application ecosystem for 1 billion users and 1 million developers, with typical transaction costs of less than 1 cent.

The two companies have agreed to continue their collaboration to advance on-chain technology domestically and support Base Chain functions. Coinbase will support Korbit through expanded marketing, participation in community events, and introducing the Base Chain ecosystem. Korbit plans to provide insights into the blockchain industry by continuously conducting research and publishing reports through its research center.

"Collaboration with Coinbase will help expand the domestic virtual asset industry," Oh said, adding, "This is an opportunity to develop business models aligned with rapidly changing global trends and secure market competitiveness. We will provide differentiated benefits to users through various new services in the future."

"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," Kim said, adding, "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."

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