The South Korean currency exchange Coinone cooperates with Ripple to improve international money transfers.
Coinone Transfer, a subsidiary of the Coinone Exchange, is starting to use Blockchain Ripple to enable the cash service in the near future for retail customers throughout the country.
The firm will use xCurrent, corporate software for Blockchain, this is stated in the press release. The solution provides tracking of instant payments and settlements by RippleNer, the company’s corporate network. It is noteworthy that the XRP token will not be used, unlike the xRapid product.
Coinone, which handles transactions worth about $ 50 million a day, said it will contribute to the growing demand in the country for faster and cheaper payments across regions, with special emphasis on outgoing money transfers from South Korea, citing World Bank data.
As a result, Coinone intends to launch the service “Cross”, through which users will be able to send money transfers to the countries of Southeast Asia.