[Photo: Korbit]
Korbit, a leading cryptocurrency exchange in South Korea, has introduced a new service that allows users to send virtual assets using only a phone number and real name. This service eliminates the need for complex wallet address entries, enhancing the convenience of cryptocurrency transfers to resemble traditional bank transfers.
On June 1, Korbit announced the launch of its "Send via Contact" service, which enables users to transfer virtual assets without entering the recipient's wallet address, relying solely on their phone number and real name.
The service aims to reduce the risk of errors associated with incorrect address entries during cryptocurrency transfers while improving user convenience.
The transfer limit is set at 1 million won per transaction and 10 million won per day. There are no additional transfer fees, as transactions are processed internally within the exchange, eliminating blockchain network fees and waiting times.
If the recipient is not a Korbit member, they will receive a notification via text message about the transfer. The recipient must complete the Korbit registration and identity verification process within 72 hours of the transfer request to receive the virtual assets. If not completed within the timeframe, the transferred assets will be automatically refunded to the sender.
Security features have also been implemented. Each transfer step includes multi-factor authentication and alerts about potential financial fraud. Transfer notifications will only be sent if the recipient's phone number and real name match.
Lee Jung-woo, Korbit's Chief Technology Officer and Chief Product Officer, stated, "The Send via Contact feature is the first step in simplifying the cryptocurrency transfer experience to the level of traditional financial transfers. We will continue to enhance our services to improve both user convenience and security."
* This article has been translated by AI.
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