Coinone Transfer — a payments business and a subsidiary of Coinone — has joined RippleNet to use xCurrent, Ripple’s leading blockchain solution for cross-border payments and settlement.
Coinone, one of Korea’s largest digital asset exchanges, will be the very first exchange ter the country to leverage the power of RippleNet.
Coinone is a leader te the digital asset industry te Korea. Spil one of the largest exchanges ter the country, it treats overheen $97 million te transactions vanaf 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.
Fresh service “Cross” to address key regional remittance corridors out of Korea
Remittance outflows from South Korea have bot steadily enhancing overheen the last decade according to gegevens from the World Handelsbank. Embarking ter June, xCurrent will power the launch of a fresh remittance service called “Cross” for Coinone Transfer’s retail customers to address the country’s growing request for swifter and cheaper payments across the region.
Coinone customers will be able to send imprescindible remittances huis to family and friends te countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology. xCurrent permits for payments of any size to budge 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 very first digital exchange te Korea to join RippleNet and implement Ripple’s xCurrent solution,” said Wonhee Shin, CEO of Coinone Transfer. “Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost universal remittance service.”
The problems with integral payments is felt universally — from regular families who want to send money to loved ones but face slow times and high costs, to financial institutions and growing businesses that need to send remittance and business payments internationally to scale.
With xCurrent, financial institutions like Coinone Transfer will be able to liquidate those ache points 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,” said Emi Yoshikawa, director of snaak venture partnerships at Ripple. “We look forward to working with Coinone Transfer to implement xCurrent spil the technology underpinning their fresh, state-of-the-art remittance service.”
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