Coinone Launches New Remittance App Utilizing Ripple’s xCurrent
Coinone Transfer has launched its remittance app called Cross which will use Ripple’s xCurrent to ensure speedy cross-border payments.
By Julia SakovichUpdated
3 mins readPhoto: Coinone / Facebook
Ripple’s products are being widely used by projects all over the world and are aimed at making payments faster and safer for businesses and customers. This time the headlines have been made by South Korea-based crypto exchange Coinone thas has announced the official launch of its app called Cross.
Cross represents itself a remittance app that uses Ripple’s xCurrent product with a view to ensure simple speedy international payments.
Collaboration with Ripple
Cross, launched by Coinone Transfer, which is a subsidiary of Coinone, is also the first in South Korea blockchain-powered remittance app and web service which will make payment services for residents of Thailand and the Philippines much faster and cheaper.
It was possible to offer such a service thanks to the implementation of Ripple’s blockchain network RippleNet and the established connection with Thailand’s Siam Commercial Bank and Philippines’ Cebuana Lhuillier.
As it has been revealed by Coinone Transfer, through cooperation with SCB quite soon they will be able to offer Cross users a direct access to PromptPay powered by Mastercard. This option allows all recipients who have their bank accounts in Thailand to receive direct instant payments.
The app was under development for rather a long period of time but now when it has been already released to the public, it is expected to reach a regional expansion in the upcoming months.
According to Ripple, Cross stands out from the row of other South Korean remittance options as it doesn’t rely on traditional banking tools and systems.
Growing Demand
Remittance services are highly-demanded in South Korea. Many experts suppose that companies offering such services in the country and the wider region may have a bright future as there are a lot of immigrants there.
As it is reported by local media, in August there were 1.74 million immigrants in South Korea which amounts to about 3.4% of the population. According to the Korea Immigration Service Statistics 2017 report, at least 153,000 immigrants from Thailand and 58,000 people from the Philippines were leaving and working in the country.
Starting from 2017, companies that provide remittance services can receive licenses to operate in South Korea.
Nevertheless, the costs for cross-border transactions remain rather high. Moreover, due to the lack of well-developed tracking features, even if some people have an opportunity to send money to their families, they don’t have a chance to see whether their funds have reached their destination.
That’s why Cross is here to facilitate cross-border transactions and to make them affordable to a wide audience. It promises the highest level of security for its users and charges a total transaction fee just of 1%.
Ripple’s Expansion
This year, Ripple has been extremely busy expanding its services and pushing its services towards wide adoption. For example, in September, Coinspeaker reported that PNC Treasury Management, which is a subsidiary of a US-based banking firm PNC Financial Services Group. Had joined RippleNet and revealed its plans to use xCurrent.
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