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Coinone, an exchange of cryptocurrencies based in South Korea, officially launched a remittance app based on the call blockchain Go across, the first of its kind in the country.
The remittance app uses the Ripple xCurrent business solution, enabling faster and cheaper cross-border payments.
On Monday, Ripple announced that Coinone would offer the new payment service through Coinone Transfer, the South Korea plant's payment branch.
According to the announcement, the application is now available to the public after being under development for the last few months and will provide an invaluable service to the unassigned or underbanked public.
According to Coinone Transfer, Cross allows migrant workers and other users to transfer funds across international borders, from South Korea to Thailand and the Philippines or vice versa.
Ripple said that its advanced RippleNet technology offers Cross an advantage over other remittance platforms in the Asian country, mainly because the app "will not rely on traditional banking tracks".
Coinone Transfer will use the services at the Siam Commercial Bank (SCB) of Thailand and the Cebuana Lhuillier of the Philippines to allow customers to transfer funds.
In addition, Cross users will have the opportunity to transfer money directly to another user in Thailand through PromptPay, a payment app powered by MasterCard.
The exchange with South Korea has also promised potential users that the app will be easy to use and will enjoy low rates. The Cross team states on its website that the app system completes the completion of cross-border transactions "as easy as making bank deposits".
In addition, users will benefit from "bulletproof security" and will only pay 1% commission on all transactions.
According to Ripple, this remittance app comes at the right time, as the cross-border remittance market continues to grow in the region.
Statistically, Thai and Filipino immigrants make up the two largest immigrant workers groups in South Korea and the combined remittances of 2017 amounted to $ 17 billion.
It is expected that the figures for 2018 will be much higher than these, given an increase in both the population of immigrants and the funds sent in or out of the two countries.
Local media estimates reported this month of August that there were about 1.74 million immigrants in South Korea, while a report on 2017 immigration service statistics set the number of Thai immigrants to 153,000 and that of the Philippines to 58,000 people.
Coinon's exchange, through its subsidiary Coinone Transfer, announced that it would draw from Ripple & # 39; s xCurrent in May of this year.
Coinon CEO Wonhee Shin said the use of the xCurrent platform would enable him to implement a product that gave his users access to payment services that were both inexpensive and completed in real time.
Ripple's xCurrent service has attracted a number of banks and financial service providers; with BBVA, Banco Santander, SBI Ripple Asia and the giant PNC Bank of the United States some of the high profile users who intend to take advantage of the solution to offer cross-border payments.
In November 2018, Ripple released an update of its xCurrent product, which, among other things, allowed users to use the new xCurrent 4.0 to access on-demand liquidity using xRapid.
(Source: Ripple)
disavowal: This is not an investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.
