Coinone, the South-Korean cryptocurrency exchange, has announced it will use Ripple for international remittances. Coinone Transfer is the exchange’s payment subsidiary, and will be using Ripple’s blockchain network to power international remittance services. RippleNet is one of the most popular services for cross-border money transactions. Ripple declared their partnership with Coinone Transfer on May 8, 2018, with Coinone the first to use RippleNet in South Korea.
The partneship will use xCurrent which is enterprise blockchain software from Ripple. It will help in end-to-end tracking of the transactions over RippleNet. The blockchain solution does not make use of its token cryptocurrency XRP is a notable thing. The partnership will have a major impact in the money-transfer world, says the director of The Joint Venture partnerships at Ripple.
Coinone reportedly has handled cryptocurrency transactions of $50 million in a 24-hour period. The country demands a faster and cheaper mode of payment! As a result, Coinone is all set to launch their brand new retail remittance service called as ‘Cross’. Using Cross, the customers can send money to countries across Southeast Asia. The launch of Cross will make important international transactions take place without hassle. But, the privilege will be available for Coinone customers only! Cross is all set to go on board in June 2018.
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