Payments business and a subsidiary of Coinone, Coinone Transfer recently announced about joining RippleNet in order to use xCurrent which is the leading blockchain solution of Ripple for cross-border payments and settlement.
Coinone is one of the largest digital asset exchangers in Korea which performs more than $97 million worth transactions each day. The platform has been actively investing in further applications of blockchain technology in particular in cross-border payments. The recent announcement made Coinone the first exchange platform in Korea which will make use of the powerful tool of RippleNet.
According to the official data passed by the World Bank, over the last years Remittance outflows from South Korea have been increasing constantly. And hence in the framework of the new partnership, xCurrent will power the launch of a new remittance service in June this year which will be called “Cross”. The service will allow Coinone Transfer’s retail customers to address the country’s growing demand which will result having faster and cheaper payments across the region.
It was confirmed that customers will be able to send vital remittances to their family and friends in Southeast Asia. The transactions will be made by using Cross which all will be powered by Ripple blockchain technology. The main advantages of xCurrent include transparent, secure and low cost transactions which are ideal for small volume remittance payments.
CEO of Coinone Transfer, Wonhee Shin was excited to announce that their platform is the first exchange in the country to join RippleNet. “Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service”, said Shin.
Director of joint venture partnerships at Ripple, Emi Yoshikawa also commented on the recent partnership expressing great enthusiasm in soon be working with Coinone Transfer on implementing xCurrent “as the technology underpinning their new, state-of-the-art remittance service”.