Korbit builds dual-redundant KRW deposit/withdrawal system, calling it an "industry first"

Korbit, a South Korean crypto exchange, said on the 16th that it has completed the industry’s first dual-redundant system for Korean won (KRW) deposits and withdrawals.

The core of the project was diversifying the intermediary firm-banking network that links Shinhan Bank—Korbit’s partner bank for issuing real-name verified deposit/withdrawal accounts—with Korbit. Specifically, Korbit added an additional integration with the system of Dozn, a financial information technology (IT) solutions provider, alongside the Hecto Financial system it had been using. A Korbit official said it has completed a robust and stable KRW deposit/withdrawal infrastructure spanning “Korbit–Hecto Financial–Dozn–Shinhan Bank.”

Previously, the industry faced a limitation whereby KRW deposits and withdrawals could be temporarily restricted even if bank networks were functioning normally, when a specific firm-banking solution provider conducted system maintenance or experienced a temporary outage. Korbit said that with the new redundancy in place, even if one firm-banking network runs into issues or undergoes maintenance, it can immediately support KRW deposit and withdrawal services through the other firm-banking network.

Korbit expects the buildout to provide users with a more stable environment for KRW deposits and withdrawals. Lee Jung-woo, Korbit’s chief technology officer (CTO), said, “Building redundancy into the KRW deposit and withdrawal system is a proactive measure to minimize user inconvenience and provide a stable investment environment even in unexpected outage situations,” adding, “We will continue technological innovation to protect investors and strengthen system stability.”