Coinone Transfer, a subsidiary of South Korean cryptocurrency exchange Coinone, has become a member of RippleNet and will use Ripple’s xCurrent, a blockchain platform for cross-border payments and settlements. Coinone is the first exchange from South Korea to use RippleNet.
Next month, xCurrent will enable the launch of Cross, a new remittance solution for Coinone Transfer’s retail customers to handle South Korea’s increasing demand for faster and more affordable payments in the region. According to separate reports by the World Bank and USDExplored, remittance outflows from South Korea have been continually growing in the last decade.
http://www.usdexplorer.com/remittances-from-South%20Korea/
Coinone clients will use the Cross service to send remittances home to family and acquaintances across Southeast Asia. xCurrent, the platform underpinning Cross, allows any kind of payment to move quickly across borders while ensuring transparency and low fees. The service is great for both large and small remittance payments.
Coinone Transfer’s Wonhee Shin commented on the partnership:
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution. Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”
Emi Yoshikawa, director of Ripple’s joint venture partnerships division, said:
“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers. We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”
Coinone is the absolute leader in South Korea, a country that accounts for a big portion of the global cryptocurrency market. The exchange handles more than $97 million in transactions each day.
Coinone is also a member of DAYLI Financial Group, whose subsidiary DAYLI Intelligence partnered in 2017 with SBI Ripple Asia.
RippleNet is a blockchain-powered network that helps financial institutions process different kinds of payments. It currently has over 100 members.
This article appeared first on Cryptovest
