The downward trend in the crypto markets continues. But this does not stop the industry from promoting the adoption of blockchain technology. A South Korean crypto exchange launched its own remittance service based on Ripple’s already widely used payment processing software.
Coinone Transfer, a subsidiary of crypto exchange Coinone, launched the first mobile payment app based on blockchain technology. Called ‘Cross’, the new platform uses xCurrent. Ripple did set it up to handle cross-border payments at a low cost and high speed.
.@coinone_info launches Cross in South Korea—the country’s first #blockchain-powered remittance service—giving customers new access to Thailand and the Philippines. https://t.co/Z2y6eBeyqZ pic.twitter.com/2m3ciI1lLC
— Ripple (@Ripple) December 11, 2018
While xCurrent uses blockchain technology, it does not use the native token XRP to move the assets. According to Ripple, Coinone plans to expand its service to Southeast Asia following a successful launch:
“With the planned expansion in the region in the coming months, Coinone Transfer has rapidly introduced services through new financial institutions with RippleNet. Connections were established with the Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.”
“Coinone Transfer’s partnership with SCB will soon provide Cross-Customers with a direct connection to PromptPay. This will allow any recipient with a bank account in Thailand to receive payments directly.”
New legislation in South Korea
In South Korea introduced legislative changes at the beginning of the year. They established that non-bank companies are allowed to offer cross-border payments. Traditional transfers can take several days and cost tens of dollars if sent from one continent to the other end of the world.
By using xCurrent or xRapid, transaction fees are often only a few pennies and are processed almost in real time. According to Ripple, it is only a matter of time before traditional financial institutions will resort to current technologies, such as the Blockchain, to optimize internal business processes and to explore and exploit opportunities and benefits for one’s own success.
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