South Korea’s first Bitcoin startup, Korbit, has received $ 400,000 in seed funding from a group of investors. Korbit — which is also Korea’s largest Bitcoin exchange, with more than 20,000 registered users — is now profitable after less than a year of operations.
Korbit’s success is notable because of the role the South Korean government played. Korea’s Ministry of Science, ICT and Future Planning funded the exchange’s participation in the Silicon Valley-based pitching event that spurred much of the investment. The event was judged by Tim Draper, founder of venture capital company DFJ. Draper would go on to lead the $ 400,000 investment shortly afterwards.