Korbit Launches Crypto Transfer Service Using Mobile Phone Numbers
Summary
- Korbit said it launched Send to Contacts, a service that allows users to transfer digital assets using only a mobile phone number and legal name.
- The service features a transfer limit of $725 per transaction and $7,246 per day, with no separate transfer fee, and does not incur blockchain network fees or confirmation delays.
- The service is available to domestic individual members age 19 or older who have completed KYC and CARF requirements, and Korbit said it will continue strengthening user convenience and stability.
Forecast Trend Report by Period
Korbit, a South Korean cryptocurrency exchange, said June 1 that it has launched a "Send to Contacts" service that allows users to transfer crypto using a mobile phone number.
The service lets users send digital assets by entering only the recipient's mobile number and legal name, without a separate wallet address. Korbit said it is aimed at reducing the inconvenience of manually entering wallet addresses and the risk of losses from input errors, while simplifying crypto transfers to a level similar to 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 service is processed as an internal transfer within the exchange, users also avoid blockchain network fees and confirmation delays.
If the recipient is not a Korbit member, a transfer notice is sent via messenger apps such as KakaoTalk. The recipient can receive the crypto 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 also added security measures. Multi-factor authentication and financial fraud alerts are provided at each stage of the transfer process. Transfer notifications are sent only when the recipient's legal name and mobile phone number both match. The service is available to domestic individual members age 19 or older who have completed know-your-customer, or KYC, verification and compliance with the Crypto-Asset Reporting Framework, or CARF.
Lee Jung-woo, Korbit's chief technology officer and chief product officer, called the new feature a first step toward simplifying crypto transfers to the level of ordinary financial remittances. He added that the company will continue improving its services to strengthen both user convenience and stability.
