Coinone Transfer, a payment business subsidiary of Coinone’s exchange platform, has joined RippleNet as a customer of Ripple’s xCurrent product. xCurrent is Ripple’s flagship product to allow bank-to-bank funds transfer around the world. Coinone will be the first exchange in the country to be a part of RippleNet.
The product will be used to power the launch and eventually become the framework of one of Coinone’s products known as ‘Cross’. Cross is a new remittance service, aimed at transferring funds across Southeast Asia on the Ripple blockchain.
xCurrent is viable for this as it allows both small and large payments to move quickly and transparently across borders at a low cost. This allows it to not only address the pain point of consumers sending money to their family and loved ones, but also pain points of big companies which face high fees in transferring funds.
Coinone is one of Korea’s largest asset exchanges, handling over $97 million dollars in transactions every day. The exchange is also a member of DAYLI financial group, one of whose subsidiaries signed a partnership with SBI Ripple Asia last year to bring Ripple’s blockchain solutions to the Korean market.
Wonhee Shin, CEO of Coinone Transfer said:
“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.”
xCurrent reflects the product philosophies that Ripple brings to the table, which include room for regulatory frameworks and removing pain points regarding money transfer.
Director of joint venture partnerships at Ripple, Emi Yoshikawa said:
“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.”
Ripple is currently at the 3rd position on the crypto table trading at $0.78, with a market capitalization of $30 billion. However, in the past 24 hours, the prices dropped by 6.62%.