South Korea’s third-largest cryptocurrency exchange Coinone recently announced that its payments business and subsidiary, Coinone Transfer will use Ripple (XRP)’s xCurrrent blockchain solution from RippleNet for carrying out cross-border payments and settlements. Incidentally, last month the digital asset exchange announced its intention to start an exchange in Indonesia in June this year. It indicates that Coinone is trying every move in all the directions that can expand its distribution network across the boundaries of Korea.
According to 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.” He feels that the xCurrent solution has all the potential to revolutionize customer’s lives by providing them an efficient, low-cost global remittance solution.
As the leading digital exchange platform in Korea ranked 27th in the world, Coinone handles more than $97 million transactions in a single day and aims to take the blockchain technology applications further with cross-border payments as the major focus. The member of the DAYLI Financial Group and its subsidiary DAYLI Intelligence, Coinone last year inked a partnership deal with SBI Ripple Asia to introduce the blockchain solutions of Ripple in the market of Korea.
Coinone To Launch ‘Cross’ For Faster & Cheaper Payments
As per the reports, Ripple’s xCurrent will launch a new remittance service called “Cross” to address the steadily increasing problem of remittance outflows from South Korea. According to the World Bank, South Korea’s remittance outflows have increased in the last 10 years. Cross is being launched on the Coinone Transfer’s platform to address the problems and growing demands of its retail customers for cheaper and faster payments across Asia.
Powered by Ripple’s blockchain technology, the service will facilitate sending of vital remittances rapidly to family members and friends across Southeast Asian countries possible. xCurrent is known for moving any size of payments quickly and transparently at low cost thereby making it an ideal platform for carrying out cross-border payments irrespective of their volume-big or small.
Coinone To Open A Branch In Indonesia In June
According to reports, Coinone is planning to open its branch in Indonesia in June supporting six major cryptocurrencies initially including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), and Quantum (QAU). The crypto exchange has already started the pre-registration process last month. Other than the Indonesians, the platform will allow users from other countries to use the application after the pre-registration period by undergoing separate KYC verification process. Coinone selected Indonesia for making its first overseas expansion because it believes that the Asian country has a high potential of making it big in the Fintech industry.