Korbit, Industry First to Refund Fees to Users

[Asia Economy Reporter Lee Jung-yoon] Korea's cryptocurrency exchange Korbit announced on the 20th that it will return KRW (Korean Won) points to users through the industry's first fee innovation and the launch of new services.

Korbit has planned two services, Maker Incentive and Daily Bonus, to provide actual benefits to users by moving away from the existing structure where users paid fees. The KRW points received through these two services can be exchanged for Korean Won.

First, the Maker Incentive pays 0.05% of the amount executed by a maker order in KRW points. A maker order is an order that does not execute immediately but provides liquidity to the order book. Korbit is the first in the industry to reward market makers for trading. Compared to the previous system where users paid 0.15% of the executed amount as a trading fee to the exchange, users now receive 0.05% back only for maker orders.

The Daily Bonus is a new service that pays a post-tax annual 1% KRW point reward daily on KRW points held in Korbit accounts if certain conditions are met. It is significant because users can enjoy benefits simply by holding KRW points as an investment.

The conditions to receive the Daily Bonus are that members must complete identity verification and Shinhan Bank account verification. At 0:00 daily, the cumulative number of transactions over the past 30 days must be at least three, and the cumulative transaction amount must be at least 100,000 KRW. Additionally, users must hold at least 10,000 KRW points as of 0:00 daily. The applicable amount ranges from a minimum of 10,000 KRW to a maximum of 50 million KRW worth of KRW points, and the accumulated reward amount can be checked daily at 9 a.m.