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Coinone to Become First Korean Exchange to Use Ripple for Cross-Border Payments

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In a press release on Tuesday May 8th, Ripple have announced that Coinone are joining RippleNet to use xCurrent – Ripple’s blockchain-based cross-border payments and settlements service. Coinone Transfer is the payments arm of Coinone, and it will be using RippleNet, making it the first exchange in Korea to sign up to the service.

Ripple to Release “Cross”

The news comes ahead of Ripple’s announcement that they will be implementing a service known as “Cross”, which will be aimed specifically at South Koreans, and powered by RippleNet. The press release reads:

Remittance outflows from South Korea have been steadily increasing over the last decade according to data from the World Bank. Starting in June, xCurrent will power the launch of a new remittance service called “Cross” for Coinone Transfer’s retail customers to address the country’s growing demand for faster and cheaper payments across the region. Coinone customers will be able to send vital remittances home to family and friends in countries across Southeast Asia using Cross — all by powered by Ripple blockchain technology. xCurrent allows for payments of any size to move quickly, transparently and at low cost across borders making it ideal for the volume and smaller size of remittance payments.

Ripple Spreading its Wings

There have been a number of other high-profile services worldwide to join up with RippleNet this year, including banks in Brazil, Canada and Oman. Coinone are likely to be followed by other Korean exchanges, but getting ahead of the game is certain to see it perform well in the immediate future. Currently, the exchange processes close to $100 million’s worth of transactions per day.

Image Credit: Deposit Photos

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