South Koreans are crazy about cryptocurrency the country hosts some of the largest cryptocurrency exchanges like Upbit, Bithumb and Coinone. Ripple recently announced that Coinone Transfer, a Coinone subsidiary specializing in payments, would use xCurrent to bolster major remittance corridors flowing out of Korea. xCurrent will be used in Cross, Coinone’s new remittance feature available to Coinone Transfer’s retail customers according to Ripple.
Coinone Transfer joins RippleNet through Cross
Coinone Transfer has added a feature called Cross that will up its game against other Korean cryptocurrency exchanges. It will be the first Korean company to have access to RippleNet and Ripple’s xCurrent.
RippleNet is powered by xCurrent, a software that enables banks to settle cross-border payments with end to end tracking instantly. Through xCurrent payments become a frictionless experience which will enable Coinone to grow into a global platform instead of only catering to the South Korean market.
xCurrent will primarily settle small and some large payments across borders at unbelievably low costs. The transactions take place in a matter of seconds, ideal for businesses managing payments and individuals sending funds to family and friends, to name a couple of use cases.
Coinone and Ripple
In 2017, Ripple created a partnership with SBI Holdings called SBI Ripple Asia, a joint venture to aid the Korean market in entering the blockchain business. SBI Ripple Asia provides a next generation payment platform powered by Distributed Ledger Technology to boost financial flow in Asia.
Remittance outflows from South Korea have risen tremendously according to statistics from the World Bank. For this reason, Ripple’s partnership with Coinone will help solve a significant use case in South Korea.
Currently, Coinone handles more than 100 million dollars each day and has over 643,000 regular users and it’s not the first time this exchange has worked with Ripple products.
Both Coinone and Ripple have shown excitement about Coinone Transfer’s new service. You can’t blame them, as this is a game changer for the whole fintech industry in Asia.
“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,” said Wonhee Shin, CEO of Coinone Transfer.
Emi Yoshikawa, director of joint venture partnerships at Ripple, expressed Ripple’s excitement about working with Coinone Transfer. Yoshikawa was quoted saying:
“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.”
Cross is expected to launch in June 2018.