Korean bitcoin exchange Korbit has raised $3 million in Series A funding led by SoftBank Ventures Korea and Pantera Capital. Korbit competes with Coinbase and Bitpay but differentiates with services that are localized specifically for the Korean market. Last April, Korbit, which also offers bitcoin wallet and merchant processing services through Korbit Pay, launched the first bitcoin-Korean won exchange. It currently has 25,000 users for its exchange and wallet services, and 400 merchant accounts for Korbit Pay, which started three months ago. Korbit monetizes by charging a one percent fee for merchants who want their incoming bitcoin payments converted to fiat currency.