Crypto Exchange Coinone Taps Ripple For New Cross Border Remittance ServiceMay 9, 2018 6:17 pm
A company news release put out by South Korean cryptocurrency exchange Coinone says the company is working with Ripple’s enterprise blockchain network for cross-border payments.
Coinone Transfer, a Ripple subsidiary focusing on remittances, joined RippleNet on Monday, making it the first exchange in the nation to do so, CoinDesk reported.
xCurrent, Ripple’s enterprise blockchain solution for cross-border payments that enables end-to-end tracking, will be the product used for completing the work, the news release said.
There has been an increase in South Korea volume of international remittances, World Bank data shows. Ripple said it plans to launch a new remittance service called Cross to be powered by xCurrent, the report said. The product will target workers in South Korea who want to send funds back to family anywhere in Southeast Asia, according to the release.
Coinone Transfer CEO Wonhee Shin explained the xCurrent solution allows the firm to offer customers a “real-time, low-cost global remittance service,” CoinDesk reported.
Muscat-based financial management firm BankDhofar became the first Oman bank to join RippleNet one week ago, the report said.
In February, CoinDesk reported, two banks and three money remittance companies from four different countries – Brazil, India, Singapore and Canada – adopted various Ripple platforms to facilitate real-time international payments.
– WN.com, Jack Durschlag