Korbit Officially Launches "Coin Lending Service"

Korbit, the first virtual asset exchange in Korea, announced on November 17 that it has officially launched its "Coin Lending Service," which allows users to borrow up to 24 types of virtual assets.

With the launch of this service, Korbit users can set a total of 12 types of assets, including Korean won, Bitcoin (BTC), and Tether (USDT), as collateral. They can borrow up to 24 types of coins. The maximum borrowing limit per individual is up to 1 billion KRW, depending on the conditions.

Unlike other services that use only a single asset as collateral, Korbit's coin lending service allows users to set multiple types of coins in their desired proportions. By being the first Korean won-based exchange to offer a composite collateral feature, Korbit has enhanced the flexibility of asset management.

In addition, even in the event of forced repayment, the service does not sell the collateral or borrowed assets at market price to repay the loan. Instead, it immediately deducts the value based on the Korean won standard amount of each asset. This approach minimizes the impact on market prices within the exchange and significantly reduces user risk.

Lee Jungwoo, Chief Technology Officer (CTO) and Chief Product Officer (CPO) of Korbit, said, "We have diligently adhered to the guidelines regarding virtual asset lending by virtual asset service providers, while striving to ensure both user convenience and safety. Moving forward, we will continue to prioritize user protection and pursue user-centric service innovation."

This content was produced with the assistance of AI translation services.