South Kerea’s First Bitcoin Exchange Korbit Raised $400,000 from Silicon Valley Investors

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The first Bitcoin startup in South Korea, Korbit, announced today $400,000 angel investment from Silicon Valley investors, Tim Draper (DFJ), Naval Ravikant (AngelList), David Lee (SV Angel) and Barry Silbert (Bitcoin Opportunity Fund), according to Korean tech blog beSuccess.

Korbit runs the largest Bitcoin exchange in South Korea, with over 20,000 registered users. Founded as recently as July 2013, the company is profitable, claims Tony Lyu, its CEO.

Previously the startup got some seed funding from a foundation established by Banks Foundation for Young Entrepreneurs, Korea’s banking alliance, and SK Planet.

One of the largest Bitcoin exchanges in China,  BTC China raised $5 million in November 2013 from local Chinese venture capitalists.