One of South Korea's largest crypto exchanges, Coinone, yesterday become the first exchange in the country to join Ripple's global payment network, RippleNet, in order to use Ripple's xCurrent product for a new global remittance service called "Cross".
Coinone, which is one South Korea's top three crypto exchanges, has around 643,000 users, and handles over $97 million in transactions per day. It is also a member of the DAYLI Financial Group, and one of its subsidiaries, DAYLI Intelligence, signed a partnership with SBI Ripple Asia last year to bring Ripple’s blockchain solutions to the Korean market.
Remittance outflows from South Korea, mostly to other countries in Southeast Asia, have steadily increased over the last decade, according to the World Bank. The new "Cross" service, which will be offered by one of Coinone's subsidiaries, "Coinone Transfer", will be launched in June, and will use Ripple's xCurrent to provide a faster, more reliable, and lower cost way for South Korean reidents to send payments to friends/family across the region.
The CEO of Coinone Transfer, Wonshee Shin, made the following comment:
“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.
According to Emi Yoshikawa, director of joint venture partnerships at Ripple, was quick to welcome Coinone Transfer into the RippleNet family:
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.
Feature Image Credit: "Feather pavilion - South Korea - Travel photography" by "Giuseppe Milo" via Flickr; licensed under "CC BY 2.0"