[ad_1]
Coinone's Cross's Cross, officially confirmed that it is not using xRapid due to regulatory obligations that must be met for the use of cryptocurrency [XRP] Services.
Coinone is an exchange of cryptocurrencies based in South Korea that launched "Cross" – a remittance app that uses Ripple's services to facilitate rapid cross-border payments on December 10, 2018.
When asked if Cross was able to use Ripple & # 39; s xRapid, Cross replied to a Twitter user named XRP Veteran':
"Hello remittances abroad are crossed" Our service is not used in the remittance sector according to the guidelines of the Government of the Republic of Korea The Xrapid solution is not available at the moment because it is based on an XRP transfer of cryptocurrency , unlike Xcurrent solutions used by cross. "
On a subsequent question, Cross replied that if the cryptocurrency regulation had been removed, they would be open for xRapid solutions.
The Thai Siam Commercial Bank became the first financial industry on RippleNet to pioneer a key feature called "multi-hop". Multi-hop functionality eliminates the need for a bilateral relationship between financial institutions to settle payments.
Because XRP is explicitly legalized and approved by Ripple's CEO, Brad Garlinghouse, Coinone could still use the multi-hop feature and connect to its existing partner, SCB, without actually using XRP.
Even Dr. T, an important character in the XRP community, suggested the same in his tweet. He said:
"I believe that since they have explicitly said that they can use xCurrent, David's idea of the xRapid transaction that occurs in the external flow of a multihop payment just looks like it does not have an SCB connection, and that makes things possible why Thailand has legalized XRP also for banking use "
According to Dr. T, David Schwartz, the Ripple CTO explained on Discord the multi-hop functionality for payment settlements without having to bear the weight of regulations.
Although Coinone has officially and explicitly announced that they can not use xRapid because of regulatory issues, the XRP community explains another way to use the xRapid solution.
XRP Research Center, a Twitter user answered to dr. T saying:
"Yes, this is genius." Thank you for helping me understand this then.I think there will be a couple of key jurisdictions in the future that will be the xRapid liquidity hubs chosen.
My opinion: -Thailandia.-Japan. -Malaysia. -Luxembourg. -Malta. -Brazil. -USes the USA. "
Dr. T replied:
"Thank you for your analysis, which of these are you thinking is essential?
I also think that Korea will legalize the use of digital resources in the future. The countries that concern me, however, are China and India ".
CryptpHeimdall, another Twitter user commented:
"Or trust your hopes too much, xCurrent serves them well in this case."
To this, Twitter user Zerp_Hound he answered:
"XRapid is still the final game.The only thing that slows down is the regulatory clarity for encryption and global liquidity for #XRP.
Both take time, but we are getting closer to achieving both of these every day. "
Subscribe to the AMBCrypto newsletter
