Coinone Uses Ripple in Money Transfer Services

In February 2017, it was announced that 2 banks and 3 money transfer companies from 4 countries (India, Singapore, Brazil and Canada) will use the Ripple platform to make real-time international payments.

Coinone, a South Korean -based cryptocurrency exchange, has recently announced that it will use Ripple’s blockchain network to carry out cross-border transactions.

Coinone Transfer, which is interested in money order transactions within Coinone, was the first stock exchange in the country to recently participate in RippleNet. In a press release, it was commented that the company will use xCurrent, one of the three blockchain network solutions that Ripple is offering.

Based on recently published World Bank data , the company said that the international money transfer volume in South Korea has increased compared to the past ten years.

At the same time, the company is planning to launch a money transfer service called “Cross” which will be powered by  xCurrent . It has been said that this service is provided to facilitate the workers who work in South Korea to send money to their families, mostly living in the Southeast Asia region.

Coinone Transfer’s CEO, Wonhee Shin, commented that thanks to the xCurrent solution, companies will be able to offer their customers a real-time, inexpensive global remittance system.

In the past week, Bank Dhofar, a Muscat-based financial management company, also became the first Oman bank to join RippleNet.

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