South Korea-based digital payments firm Coinone Transfer has joined RippleNet to use xCurrent, Ripple’s leading blockchain solution for cross-border payments and settlement.One of South Korea’s largest digital asset exchanges, handling over $97 million in transactions per day, Coinone will be the first exchange in the country to leverage the power of RippleNet for particularly for cross-border payments, one application of the underlying blockchain technology.
RippleNet’s xCurrent will be deployed in June 2018 to 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.
Customers of the cryptocurrency exchange will be able to send vital remittances across Southeast Asia using Cross, which is powered by Ripple blockchain technology, xCurrent, in a quick, transparent and at low cost way.
Wonhee Shin, Chief Executive Officer of Coinone Transfer, commented on the partnership:
“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.”
Emi Yoshikawa, director of joint venture partnerships at Ripple, said:
“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.”
Ripple has expanded its reach, having surpassed more than 100 members. RippleNet has recently been joined by a number of banks, including Itaú Unibanco (Brazil) and IndusInd (India) as well as remittance providers InstaReM (Singapore), Beetech (Brazil) and Zip Remit (Canada).
Ripple lowers both costs and transfer times for financial institutions’ customers, which is crucial in developing countries where financial flexibility is limited. In November 2017, Ripple gained renewed attention by appointing BitLicense architect Benjamin Lawsky to the Board of Directors. Since then, the price of XRP shot up towards the $3.65 high in January. The digital currency remains the third largest cryptocurrency by market capitalization, over $31 billion, and trades at about $0.80.
