Crypto Exchange Coinone Taps Ripple for New Remittance Service

South Korean cryptocurrency exchange Coinone is turning to Ripple's enterprise blockchain network for cross-border payments.

Coinone Transfer, an arm of the exchange that focuses on remittances, joined RippleNet on Monday, making it the first exchange in the nation to do so. The firm will be using xCurrent, one of Ripple’s three blockchain solutions, a press release states

Citing World Bank data that shows that there has been an increase in volume of international remittances from South Korea over the past decade, the firm said it plans to launch a new remittance service called Cross to be powered by xCurrent. The product will target workers in South Korea who want to send funds back to family across Southeast Asia.

Wonhee Shin, CEO of Coinone Transfer, said the xCurrent solution allows the firm to offer customers a "real-time, low-cost global remittance service."

The news arrives a week after Muscat-based financial management firm Bank Dhofar become the first Oman bank to join RippleNet.

And back in in February, two banks and three money remittance companies from four different countries Brazil, India, Singapore and Canada adopted various Ripple platforms to facilitate real-time international payments.

Korean won and accounts image via Shutterstock