South Korean Exchange Launches Ripple-Powered Blockchain Remittance Initiative

South Korean exchange, Coinone, the subsidiary of Coinone Transfer, has announced that it has launched Cross. Cross is the country’s first Blockchain-powered remittance application and online service based on enterprise Blockchain technology designed by Ripple (XRP). The new service will give people in the Philippines and Thailand access to cheaper and faster payment services.

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Coinone Transfer Collaborated With RippleNet, Siam Commercial Bank and Cebuana Lhuillier for the Service

Coinone Transfer used RippleNet in collaboration with Cebuana Lhuillier (Philippines) and the Siam Commercial Bank (Thailand) to make sure the service was launched. Recent reports indicate that plans are now in place to launch a more aggressive regional expansion in coming months. According to Ripple (XRP), its advanced Blockchain-based technology ensures that Cross is set apart from other remittance service options in the South Korean region because it doesn’t depend on the traditional banking rails.”

Meeting the Demands of the South Korean Market

Cross announces itself as the ideal option when it comes to cross-border transactions. In their own words: Cross makes cross-border transactions “as easy as carrying out a bank deposit.” It advertises a transaction fee of just 1% on its site, alongside claims of “bulletproof security” for its customers. According to Ripple (XRP), remittance services in the Southern part of the Korean peninsula have been limited because of the high rats associated with transferring or sending money abroad.

For people who manage to send funds in such a way, it can be difficult to see when their funds were delivered because of the complex nature of the tracking capabilities.

In July last year, South Korean authorities started to give licenses to a number of entities who were providing remittance services to the populace. Many experts see a bright future for firms in the remittance industry in South Korea along with the greater region because of the large number of immigrants in many countries. The South Korean local media reported back in August this year that the 1.74 million immigrants living in the country surprisingly make up nearly 3.4% of the total population of the state.

This report was given by the Korea Immigration Service Statistics. According to the findings, immigrants from Thailand are at least 153,000, while about 58,000 people come from the Philippines all of which are working in the Asian nation.

Ripple’s Forward March in The Blockchain Sector

Ripple (XRP) has made headlines across the global financial industry in recent months because the company has moved on its plans to broaden its technology products based on the Blockchain an example is the expansion of its RippleNet world payments solution. This option makes cross-border transactions faster with zero hassles and very little transaction fees.

The company has also formed a lobbying association recently known as Blockchain for Europe in collaboration with other entities in the space. The main purpose of the association is to help European officials to craft “smart regulation that will shape the worldwide agenda of the Blockchain.”

According to CCN, the Blockchain for Europe association hosted its summit last month. The summit hosted four of the largest European Parliament groups. These strides only prove that the future is bright for the network.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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