New payment application from South Korea relies on Ripple’s software solution
The downward trend in the crypto market continues, but this does not prevent the industry from advancing the adaptation of blockchain technology. A crypto exchange in South Korea has set up its own money transfer service based on Ripple’s already widely used payment processing software.
Coinone Transfer, a subsidiary of Kryptoexchange Coinone, has launched the first mobile payment application based on blockchain technology. The new platform is called ‘Cross’ and uses the xCurrent provided by Ripple to process cross-border payments at low cost and high speed. Note that while xCurrent uses blockchain technology, it does not use the native XRP token to move the assets. According to Ripple, after a successful launch Coinone plans to extend the service to Southeast Asia (freely translated):
With the planned expansion of the region in the coming months, Coinone Transfer has rapidly introduced the service via new financial institutions with RippleNet – connections established with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
Coinone Transfer’s partnership with SCB will soon also offer Cross customers a direct link to PromptPay, which will enable any recipient with a bank account in Thailand to receive payment directly and immediately.
In South Korea, legislative changes were only introduced at the beginning of the year that allow non-bank companies to offer cross-border payments across national borders. Traditional wire transfers can take several days and incur double-digit dollar costs when sent from one continent to the other end of the world. Through the use of xCurrent or xRapid, transaction fees often amount to only a few pennies and are processed almost in real time. According to Ripple, it’s only a matter of time before old financial institutions will move on to using current technologies, such as the blockchain, to optimize internal business processes and to explore and exploit the opportunities and benefits for their own success.
