Korea’s Coinone Transfer has joined firms interested in using RippleNet, making the number of fintechs interested in the technology soared.
Coinone Transfer is a remittance firm and a subsidiary of Coinone. The firm will be using one of Ripple’s use case, xCurrent, a dependable blockchain idea purposely invented for cross-border payments and settlement. The move will make Coinone the first digital asset exchange deploying the power of RippleNet in the whole of South Korea.
A statement by Ripple indicates that Coinone, a leader in the digital asset industry in Korea, will deploy xCurrent starting from June to power the unveiling of a new remittance service branded as “Cross” purposely for Coinone Transfer to answer the yens of retail customers who clamour for faster and cheaper payments in South Asian enclave.
“Coinone customers will be able to send vital remittances home to family and friends in countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology,”
Ripple said in a statement, added that “xCurrent allows for payments of any size to move quickly, transparently and at low cost across borders making it ideal for the volume and smaller size of remittance payments”.
“As one of the largest exchanges in the country, it handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.”
Speaking on the development, Wonhee Shin, CEO of Coinone Transfer, “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.”
In the same line, Ripple has shown-off happiness, positing that with xCurrent, fintechs have the advantage to satisfy customers and ward off seemingly unavoidable problems for their 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 joint venture partnerships at Ripple.
“We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”
Meanwhile, Coinone exchange is a member of DAYLI Financial Group, whose subsidiary, DAYLI Intelligence, signed a partnership agreement with SBI Ripple Asia around the last year end.