RippleNet is arguably the most widely-used, blockchain-based solution to provide cross-border settlements. On May 8, 2018, the U.S.-based RippleNet announced its partnership with Coinone’s subsidiary, Coinone Transfer. One of the most significant crypto exchanges of South Korea, Coinone, after this partnership, would also be the first to make use of RippleNet in the nation.
Coinone to Use RippleNet for Easing Cross-Border Payments
For a firm that handles transactions worth $97 million on a daily basis, Coinone is well-aware of the potential blockchain technology holds and how its application can ease cross-border payments.
DAYLI Intelligence, a subsidiary of DAYLI Financial Group, is responsible for introducing Ripple’s technology in Korea. Previously in September 2017, the firm entered a partnership with SBI Ripple Asia. Interestingly, Coinone is wholly owned by the DAYLI Financial Group.
“Cross” to Handle Remittances Out of South Korea
If the World Bank reports are to be considered, it’s safe to say that, over the last decade, Korea has experienced steady growth in remittance outflows.
To suffice the growing demands of better and affordable cross-border payments, Coinone Transfer’s would launch Cross, a new remittance service which will be powered by Ripple’s xCurrent and is set to be launched in June 2018.
The importance of remittances is not a secret. Using the blockchain Cross will ensure that important remittances across South Asian countries are done seamlessly. This service, however, would remain exclusive to Coinone customers.
xCurrent Is “Revolutionary”
In a bid to provide affordable, quick and real-time remittance service, Wonhee Shin of Coinone Transfer expressed his pride on being the first Korean exchange to collaborate with RippleNet. He feels xCurrent will be revolutionary and change the way customers transfer funds across borders.
Coinone Transfer aims at providing solutions to problems that exist globally. The conventional remittance services are usually slow and charge a high fee, which is a burden, bore by both families and financial institutes. The introduction of xCurrent will eradicate the issues and make remittance a painless process.
Emi Yoshikawa from Ripple has high hopes for Coinone and its subsidiary Coinone Transfer. The Director of Joint Venture partnerships at Ripple believes that these firms are playing an integral role in revolutionizing the money-transfer market.
The introduction of xCurrent as Coinone Transfer’s basis for its game-changing remittance service is an exciting prospect, said Mr. Yoshikawa.