Korean Crypto Exchange Partners with Ripple for Global Remittances

May 11, 2018 at 20:44

Coinone, a cryptocurrency exchange that is based in South Korea has tapped Ripple’s enterprise blockchain network to launch an international remittance service.

The crypto exchange’s remittance subsidiary, Coinone Transfer, will utilize Ripple’s xCurrent software that powers end-to-end tracking of instant payments and settlements over Ripplenet. It can be noted however that the said blockchain solution does not use Ripple’s XRP token.

“Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service,” Coinone Transfer chief executive officer, Wonhee Shin said in a statement.

Citing World Bank data, the company noted that its venture on remittance follows the country’s growing demand for faster and cheaper payments solution across the region especially from outbound remittance by migrant professionals and workers.

Currently, Coinone handles nearly $50 million worth of cryptocurrency transactions in a 24-hour period. It is now among over 100 financial institutions that include banks, payment providers and remittance centers that is using Ripple’s enterprise blockchain services.

Last February, several regional banks in the Middle East led by the central bank of Saudi Arabia also announced planned remittance services that will be powered by xCurrent over RippleNet to enable instant international payments between members of the network.

As of this writing, XRP tokens are valued at $0.6893 and remains firm as the third largest cryptocurrency to date.