Korbit, a Korean bitcoin exchange, wallet and merchant processor, closed a $3m Series A funding round.
The round was led by SoftBank Ventures Korea and Pantera Capital with participation from BAM Ventures and previous investors Bitcoin Opportunity Corp., Tim Draper, Pietro Dova and initial investor Strong Ventures.
The company intends to use the funds to hire new people and improve security.
Led by CEO Tony Lyu, Korbit introduced Bitcoin to Korea last year by opening the world’s first Bitcoin-Korean Won exchange. This year the company has started allowing merchants to accept Bitcoin through their processing service Korbit Pay. Launched in June 2014, Korbit Pay has signed up 400 merchant accounts. Offline merchants include Nescafe (coffee) in Gangnam and Natuur (ice cream) in Pangyo, while online merchants include Hanintel (lodging reservation) and News Peppermint (news translation).
The company had previously raised $600k from angel investors in Silicon Valley such as Tim Draper, Naval Ravikant and David Lee.