Ripple and Coinone Partnership Expands Quickly in Newly Opened Korean Remittance Market

UTC by Tolu Ajiboye · 3 min read
Ripple and Coinone Partnership Expands Quickly in Newly Opened Korean Remittance Market
Photo: Ripple

The partnership between Ripple and Coinone is spreading quite impressively and controlling a large part of the Korean international remittance market.

Ripple’s efforts at changing the face of worldwide remittance have brought the company a lot of recognition. Especially as far as cryptocurrency and blockchain technology are concerned, Ripple is easily atop most other companies looking to fuse remittance with crypto. RippleNet now boasts of hundreds of partners and the company keeps spreading the network. Also, as far as the Korean market is concerned, Ripple is spreading quite rapidly via Coinone, a crypto exchange based in South Korea.

Ripple and Coinone Expand Korean Remittance Market

In an official publication, Ripple has highlighted the relationship between the two companies. Ripple says that Coinone is penetrating the Korean remittance market via Ripple’s services.

“Coinone Transfer is a blockchain-based financial services company in South Korea leveraging Ripple’s global network, real-time transfer capabilities and transparent transaction features to achieve hypergrowth in the newly opened Korean remittance market.”

The publication explains that for a long time, major financial companies completely dominated the remittance market in Korea. This did not give any chance for growth, for smaller companies. However, this began to change from 2017, when the clime became a lot more favorable. Korea began to allow other financial companies that aren’t banks, to offer remittance services to their customers.

In 2018, Ripple entered into a partnership with Coinone. The product they both offered was made possible via SBI Ripple Asia, a different partnership between SBI Holdings and Ripple. According to Coinone Transfer’s Business Development Manager Camille Jeong, the partnership has been a great once. She says that since the two companies went into business, the company has pulled in an average growth volume of 50% per month. She also said Coinone Transfer has an 80% customer retention rate.

Outlook for Ripple and Coinone in 2020

Ripple’s platform transformed the international transfer scene in Korea. While the country was not lacking speed for domestic payments, there was a need for that same speed with cross-border transactions as well. Through the partnership between both companies, this need was fulfilled.

Ripple’s technology also allows customers deep access to status. For Coinone Transfer, customers have live updates on the transfer progress, allowing them to trust the feature a bit more. Because of this, Jeong believes that with Ripple, Coinone will cover more ground and will see “sustained growth in 2020.”

Ripple in Asia

Apart from Coinone, Ripple is also working with Sentbe Hanpass and WireBarley in South Korea. Through both remittance companies, Ripple is spreading further in Asia. It plans to expand better in other countries through Sentbe, including Vietnam, Japan, China, Philippines, Indonesia, and a few others.

Ripple is also in partnership with London-based remittance company Azimo, for remittance in the Philippines. Azimo is using Ripple’s On-Demand Liquidity (ODL) for faster and more cost-effective remittance transactions in the area.

Speaking on the partnership, Azimo CEO Richard Ambrose says that Ripple has improved the effectiveness of its core business.

“Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits”, said he.

Blockchain News, Cryptocurrency news, FinTech News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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