South Korean cryptocurrency exchange, Coinone will cooperate with the Ripple in the field of international remittances.
According to a press release, Coinone Transfer is a branch of the exchange, working with retail payments — integrates blockchain solution xCurrent Ripple to your new service for retail customers.
We will remind, xCurrent, which, unlike other product Ripple xRapid does not imply the use of tokens, XRP, allows you to track instant payments and calculations from start to finish within the network RippleNet. Currently, the number of network participants, including financial institutions, providers of global payments and other companies, over a hundred, and the list is constantly updated.
According to the representatives of Coinone, the daily turnover of crypto-currency transactions of approximately $50 million, the company’s entry into the market of remittances is caused by “the growing demand for faster and cheaper payments across the region.” Particular attention will be paid to processes related to outgoing money transfers from South Korea to and from migrants, professionals and workers.
Service “Cross”, developed by Coinone Transfer will allow retail customers to send money transfers to countries throughout South East Asia.
“The solution xCurrent Ripple will revolutionize the lives of our consumers by providing them inexpensive global money transfer service operating in real time,” said CEO Wangi Tires (Wonhee Shin).
We will remind, in February the startup Ripple entered into an agreement with the Central Bank of Saudi Arabia, under which the regional banks began to test the service xCurrent, realizing an instant international payments among members of the network RippleNet.
In addition, the product selected was the largest Spanish Bank Santander when creating mobile apps for cross-border payments.
Also, probably xCurrent will save “time and money” clients of the Bank of Oman BankDhofar, announced the partnership with Ripple last week.