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.
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.