Korea’s largest venture-backed bitcoin exchange Korbit has become the first exchange in the country to support Ethereum trading.
On March 25, Korbit announced in an email to its users that an ETH-BTC wallet and Ethereum supported trading platform have been integrated onto the main Korbit exchange platform, which allows users to purchase and sell ether with bitcoin or Korean won wixth ease.
However, the Korbit team will require a manual transaction confirmation for all ether withdrawals in the short term, to ensure that the new feature (ether trading) functions without user difficulty and technical issues. As a part of its newly released Ethereum supported trading platform, the Korbit team showcased a trading function which helps users to stay unaffected by Ethereum’s extreme volatility.
Over the past week, the market cap and price of Ethereum have displayed an evident sign of extreme volatility. The market cap of Ethereum plummeted from US$1 billion to US$600 million, and has currently recovered back to the US$800 margin.
“Ether withdrawals will be processed within 24 hours, excluding weekends. If there is a bitcoin withdrawal hold on your account, then your ether withdrawal request will be canceled as well,” said the Korbit team.
Until April, all users will be required to go through manual withdrawal confirmation by the Korbit administrative team. Once the automated deposit and withdrawal processing of ether is established in mid April, users will be able to deposit and withdraw ether from the Korbit ETH-BTC wallet, without further verification from the Korbit team.
Following BitFinex’ announcement to support Ethereum trading and shorting on March 12, Korbit’s Ethereum to Bitcoin wallet integration and ether trading support marks the second major acceptance of Ethereum in Asia. With the support from prominent bitcoin exchanges including BitFinex and Korbit, Ethereum will be exposed to the Asian market, especially to high profile bitcoin traders and investors over the next few months.
Image taken from Proof of Work. Media