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Author Topic: [2016-01-22]Korbit Announced as First Launch Partner of BitGo  (Read 214 times)
Ernstew (OP)
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January 22, 2016, 09:52:58 AM

Korbit Announced as First Launch Partner of BitGo Instant in South Korea

In an announcement via email newsletter today, Korbit, a South Korean Bitcoin exchange and wallet announced it is the first launching partner within South Korea to integrate BitGo Instant into their Bitcoin transfer and remittance protocol. BitGo is a Bitcoin security company that offers a multi-sig wallet and now BitGo Instant. Korbit is one of the most popular and widely used Bitcoin wallets and exchanges in South Korea. They currently offer a way to buy Bitcoin through regular ATM transfer transactions from major banks in South Korea. Now partnered with BitGo Instant, Korbit will add a new facet of fast Bitcoin transactions that weren’t available in South Korea in the past.

For a 0.0002BTC fee and additional 0.2% of the overall remittance, a sender of Bitcoin can use the service. It’s important to note that both senders and receivers of the Bitcoin must have BitGo Instant enabled on their Bitcoin wallet in order for the instant transfer to occur. Elsewhere besides South Korea, other services such as Bitfinex, Bitstamp, Kraken, Unocoin, FoldApp, ShapeShift, SFOX, Genisis/Tradeblock and Coinhako will be available to use with BitGo Instant.

Sophie Kim, Marketing Manager for Korbit stated one specific case example:

Using this Instant transfer service, users can avoid Bitcoin price volatility during the confirmation time because it is instant.

Additionally, some fraudulent activities can be avoided using an instant service whereas a user cannot essentially double spend their Bitcoin by sending one transaction through a multiple verification process and then go spend it elsewhere within the 20-30 minute window.

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