One of the biggest cryptocurrency exchanges from South Korea, Coinone Transfer, is about to enter a partnership with Ripple (XRP). By doing this, they will become the first Korean company with access to RippleNet, as well as Ripple’s xCurrent. This will be done so that the company can launch a new remittance service called “Cross”.
Coinone enters a new partnership
Coinone is among the three biggest crypto exchanges in South Korea, and the company just made a big step on its way to expand its business. Only yesterday, this exchange became the first South Korean company to get access to RippleNet by entering a new partnership with Ripple. Their goal is to use Ripple’s product called xCurrent for launching “Cross”, a new global remittance service.
Coinone handles more than $97 million when it comes to their daily transactions, and they claim to have over 643,000 regular users. Not only that, but the exchange is also one of the members of a financial group called DAYLI. Additionally, its subsidiary, DAYLI Intelligence, also made a very significant move last year when it entered a partnership with SBI Ripple Asia in order to help Korean market enter the blockchain business.
The exchange’s new partnership will allow it to use xCurrent, which is an excellent way to move small, as well as large payments across the border. The cost is low, and the service is fast, which can be very useful for day-to-day business, as well as for individuals who just wish to transfer funds to family and friends.
As said previously, Coinone will use xCurrent to launch Cross, its new remittance service. The service’s aim will be to transfer money all over Southeast Asia by taking advantage of Ripple’s blockchain. Eventually, it is expected that xCurrent will even become a new framework for Cross.
It is expected that Cross will be ready for a launch in June 2018.
Both sides are excited
Wonshee Shin, Coinone Transfer’s CEO, has commented on the new development and has stated that the exchange is proud to be the first one that will join RippleNet. Ripple’s product will especially bring a lot of change to the way money is being transferred in this part of the world, and it will completely revolutionize it. Transactions will start moving much faster, in real time, while the cost of transferring funds will be much lower than before.
Ripple’s director of joint venture partnerships, Emi Yoshikawa, welcomed the exchange into Ripple’s network and said that companies like this, who are leaving traditional payment methods for the new ones are the ones that are revolutionizing the money transferring business. Ripple is excited about entering this partnership and helping out this exchange.
As for Ripple, it currently trades at $0.78 and has a market cap of around $30 billion. This places it on the 3rd place on the list of cryptos. Another thing to note is that Ripple’s price dropped within the last 24 hours, and the drop includes around 6.62%.
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