South Korean Bitcoin exchange receives $400k Silicon Valley investment

Jan. 20, 2014

The South Korean Bitcoin exchange Korbit has raised $400,000 from a number of well-known Silicon Valley angel investors.

According to beSUCCESS, the list is: DFJ's Tim Draper, AngelList's Naval Ravikant, SV Angel's David Lee, Pietro Dova of XG Ventures, Michael Yang, co-founder of mySimon, Jay Eum, co-founder of Translink Capital, Barry Silbert's Bitcoin Opportunity Fund, and previous Korbit investor Strong Ventures.

The investment is notable not for its monetary value, but because it is a landmark case for East-West investment, Venture Beat said.

"Korbit has already reached profitability in less than a year of operations," Korbit CEO Tony Lyu said in the beSUCCESS story. "In order to grow our lead and global competitiveness, however, we brought in strategic investors who can add critical value in addition to their investment dollars. We'll be leveraging their expertise in order to realize Bitcoin's full potential in the years ahead."

According to CoinDesk, another South Korean Bitcoin exchange, Coinplug, received $400,000 in funding from Silicon Valley investor SilverBlue in November.

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Topics: Bitcoin , Trends / Statistics

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