Korbit Launches Crypto Transfers Using Mobile Phone Numbers

South Korean cryptocurrency exchange Korbit said on June 1 that it launched a "Send to Contact" service that allows users to transfer digital assets using a mobile phone number.

The service lets users send cryptocurrency by entering a recipient's phone number and legal name, without needing a separate wallet address. Korbit said it is designed to reduce the hassle of manually entering wallet addresses and the risk of losses caused by input errors, while simplifying crypto transfers to the level of conventional financial services.

The service is available through the Korbit app. Transfers are capped at $725 per transaction and $7,246 per day. There is no separate transfer fee. Because the transactions are processed as internal transfers within the exchange, users also avoid blockchain network fees and confirmation delays.

If the recipient is not a Korbit member, a transfer notification is sent through messenger apps such as KakaoTalk. Recipients can receive the assets by signing up for Korbit and completing identity verification within 72 hours. If the assets are not claimed within that period, they are automatically refunded to the sender.

Korbit said it also added security measures. Multi-factor authentication and fraud warnings are provided at each stage of the transfer process. Transfer notifications are sent only when the recipient's legal name and phone number both match. The service is available to domestic individual members aged 19 or older who have completed know-your-customer verification and compliance with the Crypto-Asset Reporting Framework, or CARF.

"This new service is a first step toward simplifying the cryptocurrency transfer experience to the level of ordinary financial remittances," Lee Jung-woo, Korbit's chief technology officer and chief product officer, said. "We will continue improving our services to strengthen both convenience and stability for users."