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.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com