Korea Crypto Startup Coinone Partners Ripple (XRP) to Launch New Remittance Platform
Cryptocurrency startup Coinone Transfer has become the latest firm and the first in South Korea to join RippleNet.
Coinone Transfer is a remittance firm and a subsidiary of Coinone, a digital asset exchange. The firm will adopt xCurrent, Ripple’s leading blockchain solution for cross-border payments and settlement.
xCurrent reflects the product philosophies that Ripple brings to the table, which includes room for regulatory frameworks and removing pain points regarding money transfer. The product will power the launch and eventually become the framework of one of Coinone’s products known as ‘Cross’. Cross is a new remittance service, aimed at transferring funds across Southeast Asia on the Ripple blockchain.
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution,” said Wonhee Shin, CEO of Coinone Transfer. “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 one of Korea’s largest asset exchanges, handling over $97 million dollars in transactions every day. The exchange is also a member of DAYLI financial group, one of whose subsidiaries signed a partnership with SBI Ripple Asia last year to bring Ripple’s blockchain solutions to the Korean market.
“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.”
– Emi Yoshikawa, director of joint venture partnerships at Ripple
The new partnership adds to the growing list of financial institutions which has indicated interest in the Ripple Network. Recently, UK’s FairFX along with five other institutions signed up with the network to utilize xVia solution in facilitating frictionless payment.
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