Korean Bitcoin exchange raises $400,000 in funding

As Bitcoin trading and use spreads through medium-sized countries, local exchanges, wallets and processors are popping up left and right. South Korea’s Korbit is one of the latest and it’s picking up $400,000 in funding from angels including Tim Draper, AngelList co-founder Naval Ravikant, SV Angel’s David Lee and SecondMarket CEO Barry Silbert, who created a Bitcoin Opportunity Fund.

South Korea has been one of Bitcoin’s quieter markets in terms of media coverage, but that could change now that several prominent Silicon Valley investors have provided seed funding to Korbit, a Korean bitcoin startup. According to beSUCCESS, the company will receive $400,000 from bigwigs including Tim Draper (formerly of DFJ and founder of startup school Draper University), Naval Ravikant (founder of AngelList), David Lee (founder of SV Angel), and Barry Silbert (founder of SecondMarket and Bitcoin advocate).

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