Coinone launches Ripple’s blockchain remittance service in South Korea
Date: 2018-12-14   Author: Pankaj Singh  Category: #news

Coinone launches Ripple’s blockchain remittance service in South Korea

Coinone’s business subunit Coinone Transfer has reportedly launched Cross, the very first blockchain-based remittance application and web service of South Korea, powered by enterprise blockchain technology solutions fabricated by Ripple.

If reports are to be believed, Coinone Transfer has reportedly used RippleNet and links with the Cebuana Lhuillier, Philippines, and Siam Commercial Bank, Thailand to introduce the remittance service. According to sources with the knowledge of the matter, the company plans to begin an aggressive regional extension in the imminent months.

Reportedly, Cross provides access to cheaper and faster payment solutions in the Philippines and Thailand.

For the record, in July last year, the South Korean government officials started providing licenses to businesses offering payment services in the region. The hi-tech blockchain-based technology sets Cross apart from other regional players in the remittance business since it doesn’t rely on traditional banking methods for transacting, claims Ripple.

Cross claims that it has made cross-border transactions as simple as conducting bank deposits. It publicizes a total transaction charge of 1% on its official website, combined with bulletproof security for users.

As per Ripple, payment services in South Korea are limited because of the high costs involved in overseas money transfers. Moreover, even for people who manage to send their money, it is very hectic to find the delivery status of the funds due to tracking complications.

Ripple also recently fashioned a lobbying association known as Blockchain for Europe along with other entities in the field, cite trusted sources. According to the CCN report, the association recently hosted the Blockchain For Europe summit, which was attended by four biggest parliament groups in Europe.

Most market experts see a strong future for businesses operating in the remittance space within South Korea and the bigger region due to the high number of immigrants in different nations. Lately, local newspapers in South Korea reported that the anticipated 1.74 Mn migrants in the nation account for nearly 3.4% of the population base.



About Author


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Conference Hotel Market SWOT Analysis of Top Key Player & Forecasts To 2025
Author: Ashwin Naphade

Market Study Report LLC delivers significant information and realistic data of the Global Conference Hotel Market via this newly added research in its database. The report presents a deep study of the market growth factors and drivers, In-depth re...


Industrial 5G Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast to 2025
Author: Ashwin Naphade

The ' Industrial 5G Market' research report added by Market Study Report, LLC, delivers a comprehensive analysis on the newest market drivers. The report also offers extracts regarding statistics, market valuation and revenue estimates, wh...


Automotive E-retail Market Opportunity, Demand, recent trends, Major Driving Factors and Business Growth Strategies 2025
Author: Ashwin Naphade

Market Study Report, LLC, has added a research study on ' Automotive E-retail market' which offers a concise summary regarding market valuation, market share, regional spectrum, revenue estimation and SWOT analysis of this business vertica...