The South Korean cryptocurrency trading platform Coinone has officially launched Cross – an application that leverages Ripple’s xCurrent technology to deliver fast, low-cost cross-border payments.
Ripple announced on Monday that Coinone Transfer, the payment subsidiary of Coinone, had officially launched its Cross service. This is the first payment application backed by blockchain technology in South Korea. Building on the xCurrent solution developed by Ripple, it must allow local immigrants to easily transfer funds to Thailand and the Philippines.
According to Ripple, Cross stands out from other money transfer options offered in South Korea, as the application does not rely on traditional banking tools.
Such a service was made possible thanks to the implementation of the RippleNet blockchain network, but also thanks to Coinone’s partnerships with Siam Commercial Bank, Thailand’s leading bank, and the Philippine lender Cebuana Lhuillier.
A growing demand
According to Ripple, this new application will meet a growing need for cross-border fund transfers, while there is a large community of foreigners from Thailand and the Philippines in South Korea.
As reported by local media, there were 1.74 million immigrants in the country last August – about 3.4 percent of the population. According to Korea Immigration Service statistics for 2017, at least 153,000 people from Thailand and 58,000 from the Philippines would work in South Korea.
Cross allows them to benefit from much more attractive fees than those offered by traditional systems, with a commission of only 1% per transfer.
The expansion of Ripple
This is a turbulent year for Ripple, which seeks to promote the adoption of its services and to “disrupt” the payments industry.
In September, it was learned that PNC Treasury Management, a subsidiary of the PNC Financial Services Group, had joined RippleNet and planned to use xCurrent.
In October, the company released MoneyTap, a payment application jointly developed with SBI Ripple Asia and other banks, to offer “real-time” bank transfers.
For its part, Coinone Transfert announced in May that it was considering relying on xCurrent. At the time, Wonshee Shin, its director of operations, explained that this solution would allow its platform to offer near-instant and inexpensive payment services.