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Cryptocurrency exchange Coinone’s subsidiary joins Ripple’s blockchain network
Coinone Transfer, a payments business subsidiary of Coinone, is the latest to join Ripple’s blockchain network.
As one of the largest cryptocurrency exchanges in South Korea, Coinone handles more than $97 million in transactions per day. It is now seeking to tap into the potential of blockchain for cross-border payments.
Coinone Transfer has joined RippleNet to use xCurrent, Ripple’s blockchain solution for cross-border payments and settlement.
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution,” said Wonhee Shin, CEO of Coinone Transfer. “Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”
In order to address the growing demand for faster and cheaper payments, xCurrent will power the launch of a new remittance service for Coinone Transfer’s retail customers. Dubbed “Cross,” the new service is powered by Ripple’s blockchain technology and would enable customers to send remittances in countries across Southeast Asia.
“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers,” said Emi Yoshikawa, director of joint venture partnerships at Ripple. “We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”