Rootstock listed on domestic exchange Korbit…"Seeks collaboration with Korean institutions"

Rootstock Labs (RootstockLabs), which developed the Bitcoin (BTC)-based Layer 2 project Rootstock, is listing the cryptocurrency Rootstock (RIF) on the domestic cryptocurrency exchange Korbit. Rootstock Labs plans to use this listing as a key opportunity to expand the Korean Bitcoin ecosystem.

On the 24th, Rootstock will hold an airdrop event for users to commemorate the listing of Rootstock (RIF) on Korbit. Among members who link a Shinhan Bank account on Korbit and agree to receive marketing, RIF will be distributed in varying amounts to the first 2,500 quiz correct respondents.

Also, the first 300 people who net-deposit and trade at least 900 RIF will receive 667 RIF per person. In addition, a weekly trading ranking competition will be held that distributes a total of 700,000 RIF in varying amounts to the top 100 cumulative weekly traders.

Rootstock Labs is a company building Bitcoin-based decentralized finance (DeFi) infrastructure and operates a Bitcoin-collateralized vault service (Vault) as its flagship business. The vault is structured so that users can deposit Bitcoin as collateral to borrow dollars, and conversely, deposit dollars to earn dollar interest.

The company's main target market is institutional investors. In October, Rootstock Labs launched a dedicated institutional organization, Rootstock Institutional. This organization provides on-chain solutions for liquidity management and collateral operations to companies and professional investors, and supports access to tokenized financial infrastructure in a regulatory-compliant environment.

Next year's business strategy focuses on expanding cooperation with institutions in East Asia, such as Korea and Japan. Rootstock Labs views Korean institutions that have demand to deposit Bitcoin or dollars into the vault and use them as collateral as major potential customers and is seeking collaboration opportunities.

Rootstock Labs expects this Korbit listing to serve as a foothold for entering the Korean market. Korbit is the country's first cryptocurrency exchange and the first to support Bitcoin trading, and it has maintained stable operations without security incidents since its founding. Its proactive presentation of cryptocurrency strategies for institutional and corporate investors also aligns with Rootstock's institution-focused strategy.

Diego Gutierrez, co-founder of Rootstock Labs, said, "Rootstock Labs aims for a 'financial hybrid' future where the boundaries between traditional finance and blockchain are broken down, and we are paying particular attention to Korea in that process," adding, "If discussions on a won-denominated stablecoin actually enter the implementation stage, banks' digital lending could become full-fledged, and collaboration opportunities could arise at that point." He added, "This Korbit listing allows us to naturally introduce Rootstock not only to Korean individual investors but also to institutional investors."