Korbit Exits L2 Wallet Business Amid Shift to RWA Tokenization
Korbit, a digital asset exchange, is winding down its own layer 2 (L2) network and Web3 wallet business by year-end. This move comes after Korbit's acquisition by Mirae Asset Consulting. The company cites a comprehensive review of the sluggish L2 market environment and operating efficiency as reasons for this decision.
The Korbit Web3 Wallet service, launched in February last year on Korbit's own Ethereum L2 network, Silicon, will cease operations on December 31. This wallet allowed users to manage their private keys while accessing decentralized applications (dApps) and non-fungible tokens (NFTs). However, despite the initial ambition to build a thriving ecosystem around Silicon, Korbit ultimately decided to exit the wallet business roughly a year and a half after its launch.
The industry views Korbit's move less as a sign of a downturn in the L2 market and more as part of a broader reshuffling of priorities. After joining Mirae Asset Group, Korbit has realigned its focus towards real-world asset (RWA) tokenization, security token offerings (STOs), and other priority projects.
Other exchanges, however, continue to prioritize L2 technology for their digital asset infrastructure. Robinhood Chain, an Ethereum L2, is a standout example. It ranked second in chain revenue over the past 30 days with $28.76 million, according to DeFiLlama. Its usage has grown rapidly since introducing trading products linking meme coins with tokenized stocks.
Toss and DB Securities are also exploring the use of L2 networks for their digital asset wallet projects. Toss signed a memorandum of understanding (MOU) with Optimism and Sunnyside Labs to explore the use of a won-pegged stablecoin, while DB Securities is developing STO and RWA business models for Jeju on the Optimism network.