South Korean Crypto Exchange Coinone Joins RippleNet
The exchange partners with Ripple’s payment network to offer a new remittance service
South Korean cryptocurrency exchange Coinone said on Tuesday it has joined Ripple's global payment network, RippleNet, to use its xCurrent blockchain solution for cross-border payments and settlement.
According to its press release, Coinone Transfer, an arm of the exchange that focuses on remittances, will deploy xCurrent starting from June to offer a new service for retail customers.
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution,” Coinone Transfer CEO Wonhee Shin said.
Dubbed “Cross,” the new service will be powered by Ripple’s blockchain technology and will allegedly provide a South Koreans with a faster, more reliable, and lower cost solution for payments.
Remittances from South Korea have steadily grown over the last decade, according to World Bank data cited in the press release, and xCurrent is “ideal for the volume and smaller size of remittance payments.
Other companies which have adopted xCurrent include LianLian International and Santander. Coinone is the first crypto exchange in South Korea to deploy the blockchain product.
Emi Yoshikawa, director of joint venture partnerships at Ripple, also commented on the partnership: “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.”
Coinone is one of Korea’s largest digital asset exchanges, handling over USD 97 million in transactions every day. It recently branched out to Indonesia and is one of only four exchanges currently allowed to open accounts with local banks following the government’s ban on anonymous transaction.
Coinone is also a member of DAYLI financial group, whose subsidiaries signed a partnership with SBI Ripple Asia last year to bring Ripple’s blockchain solutions to the Korean market.
RippleNet is a blockchain-like protocol for faster settlement of international payments. It launched in 2012 and has since added more than 100 financial institutions across banks, money lenders and cryptocurrency exchanges. The news of Coinone joining RippleNet comes just a few days after BankDhofar becаme the first Oman bank to join the blockchain network.