Coinone is a leader in the digital asset industry in Korea. As one of the largest exchanges in the country, it handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.
Ripple, the San Francisco based fintech giant, is among the rare cryptocurrency centered businesses to bridge traditional finances to the capabilities of Blockchain. RippleNet is their global payments Blockchain solution. They have three flagships products, namely:
- xCurrent, an instant cross-border settlement service with end-to-end tracking.
- xRapid, digital-currency enabled source liquidity for emerging markets.
- xVia, an API-based seamless standard payment interface.
While xCurrent is already full-engines running and actively penetrating the inter-banking finances, both xRapid and xVia are solely available for early access.
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution,” said Wonhee Shin, CEO of Coinone Transfer. “Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”
Next month, xCurrent will enable the launch of Cross, a new remittance solution for Coinone Transfer’s retail customers to handle South Korea’s increasing demand for faster and more affordable payments in the region. According to separate reports by the World Bank and USDExplored, remittance outflows from South Korea have been continually growing in the last decade.
This move has been orchestrated by Emi Yoshikawa, Ripple’s director of joint venture partnerships. As CoinOne is attempting to revolutionize the way money moves, xCurrent will be an ideal company to form a symbiotic relationship. With xCurrent underpinning the company’s new remittance service, new opportunities can be explored accordingly.
However, not everyone seems to be happy with this move. The partnership seems to add fodder to the debate of cryptocurrency supporting entities becoming too centralized, which defeats the purpose of a decentralized network. Comments on public forums have even gone as far as calling out XRP on trying to build a private central bank.