Coinone Delays KRW Won Withdrawals

On February 17, 2018 Coinone reported that NH Bank was delaying the withdrawal of KRW won
21 February 2018   296

Coinone is a cryptocurrency exchange which lets users trade Bitcoin, Ethereum and other coins in an easy, fast and secure way.

On February 17, 2018, Coinone exchange reported that NH Bank has delayed the withdrawal of KRW won. The delay is reportedly connected to the holiday season.

However, Coinone reported that the assets of the users are stored safely, and the users will be notified of the retransmission immediately via SMS after the issue is resolved. The cryptocurrency exchange warned the NH Bank users that they should use the KRW withdrawal function only after the problem is solved.

It is worth noting that previously we have reported about Coinone listing IOTA, Bitcoin Gold and Litecoin.

Coinone to use Ripple for Blockchain Remittance

Coinone, cryptocurrency exchange of South Korea, is going to turn to Ripple for international money transfers
10 May 2018   275

Coinone Transfer, the retail subsidiary firm of the same-named crypto exchange, will start using Ripple’s blockchain network in order to launch its soon-coming  international remittance service for retail clients in the country. 

The subsidiary will apply xCurrent - a blockchain software from Ripple. The resolution  provides end-to-end tracking of present settlements and payments over Ripplenet, the firms’s enterprise blockchain network. It`s worth saying that the blockchain solution does not apply Ripple’s token cryptocurrency XRP, unlike a separate product xRapid.

Coinone declared that its intend into the remittance space follows the ‘country’s increasing demand for faster and cheaper payments across the regions’ with a particular attention relatively to outbound remittance from South Korea from migrant professionals and workers, referring World Bank data.

Finally, Coinone is stated to run ‘Cross’, its retail remittance service wherein retail clients would be able to pass remittances to countries across Southeast Asia.

Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.
Wonhee Shin
CEO, Coinone Transfer

Coinone is at present among more than 100 financial establishments including banks, payment providers, remittance forms and more on Ripple’s enterprise blockchain network, RippleNet. In February 2018, a number of regional banks in the Middle East led by the central bank of Saudi Arabia, declared a remittance launch powered by xCurrent over RippleNet to enable instant international payments between members of the network.