It was revealed today that Coinone Transfer, a payments company, and a subsidiary of popular South Korean cryptocurrency exchange Coinone, has joined RippleNet to use xCurrent, Ripple’s blockchain solution for cross-border payments and settlement.
As one of Korea’s largest digital asset exchange, Coinone will be the first exchange in the country to leverage the capability of RippleNet. Around this time last year, Coinone became one of the first Korean exchanges to list Ripple’s XRP native asset.
Coinone handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.
The exchange is also a member of the DAYLI Financial Group, and one of its subsidiaries, DAYLI Intelligence, signed a partnership with SBI Ripple Asia last year to bring Ripple’s blockchain solutions to the Korean market.
New service “Cross” to address key regional remittance corridors out of Korea
Remittance outflows from South Korea have been steadily increasing over the last decade according to data from the World Bank. Starting in June, xCurrent will power the launch of a new remittance service called “Cross” for Coinone Transfer’s retail customers to address the country’s growing demand for faster and cheaper payments across the region.
Coinone customers will be able to send vital remittances home to family and friends in countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology. xCurrent allows for payments of any size to move quickly, transparently and at low cost across borders making it ideal for the volume and smaller size of remittance payments.
“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.”
With xCurrent, financial institutions like Coinone Transfer will be able to remove friction in payment flows for their end customers.
“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.”