South Korean cryptocurrency exchange Coinone is turning to Ripple for international remittances.
Coinone Transfer, the retail remittance subsidiary of the namesake crypto exchange, will begin using Ripple’s enterprise blockchain network to power its soon-to-launch international remittance service for retail customers in the country.
The remittance firm 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 over 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 handled nearly $50 million in cryptocurrency transactions in a 24-hour period, said its foray into the remittance space follows the ‘country’s growing demand for faster and cheaper payments across the regions’ with a particular mention toward outbound remittance from South Korea from migrant professionals and workers, citing World Bank data.
As 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 global remittance service.
Coinone is now among over 100 financial institutions that include banks, payment providers, remittance forms and more on Ripple’s enterprise blockchain network, RippleNet. Earlier in February, a number of regional banks in the Middle East led by the central bank of Saudi Arabia, announced a remittance pilot powered by xCurrent over RippleNet to enable instant international payments between members of the network.
Featured image from Shutterstock.
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