Korbit was the first virtual currency exchange established in South Korea. As the first cryptocurrency exchange in Korea to obtain ISO27001 certification, Korbit provides world-class security for its users. In addition, it offers Bitcoin wallets and merchant processing services through its product Korbit Pay. The Korbit exchange currently boasts approximately 25,000 users across its trading platform and wallet services, with around 400 merchants utilizing Korbit Pay for payment processing. In August 2014, Korbit secured $3 million in Series A funding led by SoftBank Ventures Korea and Pantera Capital, with participation from BAM Ventures, Bitcoin Opportunity Corp, and Tim Draper.