Ripple Announces South Korean First Blockchain-Powered Remittance Service Launch

Ripple recently announced that South Korean first blockchain-powered remittance service has already been officially launched. The new service is reportedly based on Ripple’s advanced blockchain technology.

The initial announcement by Ripple stated: “Coinone Info launches Cross in South Korea – the country’s first blockchan powered remittance service – giving customers new access to Thailand and the Philippines”.   

Further on, the official announcement went on sharing details on the new service. It confirmed that “unlike other remittance options in South Korea, Cross does not rely on traditional banking rails. Rather, it provides a safe alternative for those with or without a bank account”. In addition, they have increased payment transparency and reliability inherent to Ripple’s advanced blockchain technology.

They reportedly have further plans to “aggressively” expand across the region. Coinone Transfer has already expanded the service through new financial institutions. It uses RippleNet with the prospective connections of Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.

“Coinone Transfer’s partnership with SCB also will soon offer Cross customers a direct link to PromptPay. This enables any recipient with a bank account in Thailand to receive a payment directly and instantly”, continued the announcement.

Ripple’s Solutions

In addition, the official message provided some general statistics on the field. They prove that there is currently a growing demand towards the service in the South Korean Market. While addressing the key limitations and issues of the past in the market, the message also went on stating how RippleNet is there to solve them and provide better solutions. It stated: “one of the primary benefits of RippleNet is that it enables banks and payment providers to join together and provide a better experience for all their end users”.

The company also highlighted the successful previous cooperation with SCB and The Japan Bank Consortium. “While the market opportunity for these industry innovators is huge, the value of services and technology they’re deploying is even greater. It has the potential to change lives for millions of people working and living abroad in ASEAN”, concluded the announcement.

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