South Korean cryptocurrency exchange Coinone is turning to Ripple for international remittances.
Coinone Transfer, the retail remittance subsidiary of the namesake crypto exchange, will start using Ripple’s enterprise blockchain network to power its soon-to-launch international remittance service for retail customers te the country.
The remittance rock-hard will use xCurrent, an enterprise blockchain software from the San Francisco-based Ripple, a press release confirmed. The solution powers end-to-end tracking of instant payments and settlements overheen Ripplenet, the company’s enterprise blockchain network. Notably, the blockchain solution does not use Ripple’s token cryptocurrency XRP, unlike a separate product xRapid.
Coinone, which treated almost $50 million ter cryptocurrency transactions te a 24-hour period, said its foray into the remittance space goes after the ‘country’s growing request for swifter and cheaper payments across the regions’ with a particular mention toward outbound remittance from South Korea from migrant professionals and workers, citing World Handelsbank gegevens.
Spil a result, Coinone is set to launch ‘Cross’, its retail remittance service wherein retail users will be able to send remittances to countries across Southeast Asia.
Coinone Transfer CEO Wonhee Shin added:
Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost general remittance service.
Coinone is now among overheen 100 financial institutions that include banks, payment providers, remittance forms and more on Ripple’s enterprise blockchain network, RippleNet. Earlier te February, a number of regional banks ter the Middle East led by the central bankgebouw of Saudi Arabia, announced a remittance pilot powered by xCurrent overheen RippleNet to enable instant international payments inbetween members of the network.
Featured picture from Shutterstock.
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