South Koreas first Bitcoin startup, Korbit, has received $400,000 in seed funding from a group of investors. Korbit — which is also Koreas largest Bitcoin exchange, with more than 20,000 registered users — is now profitable after less than a year of operations. Korbits success is notable because of the role the South Korean government played. Koreas Ministry of Science, ICT and Future Planning funded the exchanges participation in the Silicon Valley-based pitching event that spurred much of the investment.
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