South Korean Crypto Exchange Launches Ripple-Based Blockchain Remittance Service
December 12 2018 - 5:43AM
ADVFN Crypto NewsWire
Coinone subsidiary Coinone Transfer has introduced Cross, South Korea’s
first blockchain-based remittance app and web service, using
enterprise blockchain technology created by Ripple.
Cross gives people in Thailand and the Philippines access to
faster and cheaper payment services.
Coinone Transfer utilized RippleNet and connections with
the Siam Commercial Bank (Thailand) and Cebuana Lhuillier
(Philippines) to release the service. Plans are to launch an
aggressive regional expansion in the upcoming months.
Ripple claims that its advanced blockchain technology
sets Cross apart from other South Korean remittance options since
it does “not rely on traditional banking rails.”
Meeting South Korean Market Demand
Cross touts itself as making cross-border transactions
“as easy as making bank deposits.” It advertises a total
transaction fee of 1% on its website, alongside “bulletproof
security” for customers.
According to Ripple, remittance services in South Korea have been limited due to the high costs associated with
sending money overseas. For those who manage to send money, it can
be very difficult to actually see when the funds were delivered due
to tracking complexities.
In July 2017, South Korean government officials started to give
licenses to entities who were offering remittance services.
Many see a strong future for companies in the remittance
industry within South Korea and the greater region due to the large
amounts of immigrants in different countries. Local media in South
Korea reported in August that the
estimated 1.74 million immigrants in the country make up about 3.4%
of the population. The Korea Immigration Service Statistics 2017
report indicated immigrants from
Thailand numbered at least 153,000, while around 58,000 people from
the Philippines were working in the country.
Ripple’s March Forward in The Blockchain World
Ripple has made headlines across the world over the last couple
of months due to the expansion of the RippleNet
global payments solution.
The company also recently formed a lobbying
association called Blockchain for Europe alongside other entities
in the field. The idea behind the association is to assist European
officials in crafting “smart regulation to shape the global agenda
on the blockchain.” As CCN reported, the association hosted
the Blockchain For Europe summit last month, which had four of the
biggest European Parliament groups in attendance.
Source: CCN
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