Coinone launches Ripple’s blockchain remittance service in South Korea
Date: 2018-12-14   Author: Sunil Hebbalkar  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


Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

Read More

More from Sunil


Post Recommendents

Current Health raises $11.5 million in Series A funding round
Author: Pankaj Singh

Current Health, a renowned New York based universal patient management platform, reportedly announced that it has closed a $11.5 million Series A funding round which was co-led by UK based MMC Ventures.


York Tactical Energy Fund and Bayswater team-up to form a new JV
Author: Saipriya Iyer

Bayswater Resources, a renowned Colorado based oil and natural gas firm, and York Tactical Energy Fund, a private investment fund run by York Capital Management investment professionals, have reportedly signed a new ag...


FoodMaven raises $15.3 million from Series B funding round
Author: Saipriya Iyer

U.S.-based food startup, FoodMaven Corp. has a unique business model that offers imperfect and oversupplied food to foodservice providers and restaurants. Recently, the company announced securing $15.3 million from its...