Ethereum now has the whole world’s attention. The cryptocurrency and smart contracts platform is now being included in most of the exchanges that were only dealing with Bitcoin, the firstborn of the cryptocurrency ecosystem. The South Korean Bitcoin exchange, Korbit has become the latest bitcoin exchange to include Ethereum into its order books.
Korbit is the first Korean Bitcoin exchange founded by Tony Lyu. The company is based in Seoul, South Korea. The inclusion of Ethereum by Korbit follows a similar announcement made by Japan’s largest Bitcoin exchange – Coincheck. The inclusion of Ethereum into the leading Bitcoin platform follows the increasing demand for the new cryptocurrency. Ethereum has been performing really well in terms of value and market capitalization in the recent months. Even though it is experiencing a slightly higher fluctuation in its value compared to bitcoin, it can be attributed to growth pains. After all, even bitcoin went through a similar phase ages ago.
The announcement of the inclusion of Ethereum to Korbit was made by the platform in a mailer to all its customers. With this announcement, Korbit users will now be able to trade ether against bitcoin on their favorite cryptocurrency platform. Korbit has not made any indication of adding fiat support to Ethereum at the moment but we can expect it to be gradually introduced, depending upon the performance of ether and demand for the crypto token.
Working within the current structure, those who are interested in buying ether with fiat will have to first buy bitcoin and then convert the bitcoin balance to its equivalent in ether. Korbit is not charging any fees for this cryptocurrency swaps happening on its platform.
Korbit currently boasts of having over 30,000 members and a cumulative trade volume of 80 billion South Korean Won. There are over 1300 merchants who have their accounts with the exchange. Korbit has an impressive list of investors who have so far pitched in over $3.6 million. Some of the investors include SoftBank, Digital Currency Group, Tim Draper from Draper Fisher Jurvetson, Naval Ravikant of AngelList and more.
As of today, the value of one ether is about $10.95 or 0.02622 BTC with a market capitalization of over $859,602,102. The Ethereum platform recently crossed yet another milestone by launching its Homestead release. With the launch of Homestead, Ethereum is not a full-fledged cryptocurrency platform capable of supporting various blockchain-based applications.
Ethereum platform is already being implemented in various fintech applications involving big names. The Australian Securities Exchange has opted for a blockchain based automated trade settlement system, which will be using Ethereum based smart contracts. Even the multinational banking consortium is adopting the Ethereum powered blockchain technology.
The platform already has a future roadmap set, factoring in the scalability, security and performance issues which it might come across during the course of development. Vitalik Buterin made Ethereum platform’s future goals public while presenting at the recently held Coinbase Ethereum Meetup.
Korbit is among the few bitcoin exchanges who have already included Ethereum in their offering. We can expect more platforms to follow the lead in the coming days.
Ref: CoinMarketCap | TheMerkle | Korbit