Ripple assists crypto exchange Coinone with remittance services

Monday 14 May 2018 10:56 CET | News

Coinone, a South Korean cryptocurrency exchange, has turned to Ripple’s enterprise blockchain network for cross-border payments.

Coinone Transfer, an arm of the exchange that focuses on remittances, joined RippleNet, making it the first exchange in the nation to do so, according to CoinDesk. The exchange will be using xCurrent, one of Ripple’s three blockchain solutions. Moreover, due to an increase in volume of international remittances from South Korea over the past decade, Coinone said it plans to launch a new remittance service called Cross to be powered by xCurrent.

The product will target workers in South Korea who want to send funds back to family across Southeast Asia. The news arrives soon after Muscat-based financial management company Bank Dhofar become the first Oman bank to join RippleNet, the online publication continues.

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Keywords: Coinone, Ripple, partnership, remittance, cross border payments, crypto exchange, South Korea
Countries: World