Coinone uses Ripple technology for international transfers
South Korean exchange Coinone intends to use Ripple’s corporate blockchain network for cross-border transfers.
Coinone Transfer, the exchange’s payments-focused arm, joined the RippleNet network on Monday, becoming the first South Korean marketplace to join it. The company will use xCurrent, one of Ripple’s three main products, according to a press release..
Citing data from the World Bank, according to which the volume of international payments from South Korea has increased over the past decade, the company writes that it plans to launch a new payment service called Cross, which will be based on xCurrent. The product will be targeted at workers based in South Korea who want to send money home to Southeast Asia.
Coinone Transfer CEO Wonhee Shin said the xCurrent solution will offer its customers “a real-time, low-fee global payment service.”.
A week ago, Omani BankDhofar joined RippleNet, and in February, two banks and three payment services from Brazil, India, Singapore and Canada expressed their readiness to use Ripple solutions to make payments in real time..
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