Ripple and Coinone Collaborate to Launch Cross Leveraging xCurrent for Fast Remittance Payments
Ripple and Coinone Collaborate to Launch Cross, Enabled with xCurrent for Fast Payments
Coinone is based out of South Korea, which has been slowly but surely making progress in the world of crypto regulation. Recently, the crypto exchange chose to make some progress with the speed of their payments, collaborating with Ripple. They’ve launched a new platform called Cross, which is a remittance app with fast cross-border payments, due to the use of Ripple’s xCurrent.
Ripple made the annoucement yesterday that the app would be formally released by Coinone Transfer, a subsidiary of Coinone. The project has been a work-in-progress for months, and this launch finally makes it possible for the public to take on the benefits. Cross primarily targets families and individuals who have been left unbanked or overbanked, letting them send funs between South Korea, Thailand, and the Philippines with low fees.
To make this connection, Coinone’s transactions will be performed in a coordinated effort between Cross, Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines). With the PromptPay application installed with Cross, an application powered by Mastercard, locals can receive payments directly into their bank account as well.
Cross-border remittance is a continued and growing need around the world, but more so in the areas that cause residents to work outside of their country and send their paychecks home. The two largest groups of immigrants for this type of work come from Thailand and the Philippines, travelling to South Korea to support themselves and family. In 2017 alone, South Korea found that there were about $17 billion in remittances that came in and out of the country.
The first time that Coinone Transfer publicly stated that they were looking at xCurrent was in May this year. CEO Wonhee Shin then has said that the use of xCurrent kept the real-time payment services affordable and cheap. The platform has been adapted for use with multiple other banks and financial services in the area, like SBI Ripple Asia and PNC Bank. These firms, like Cross, will be using the Ripple product for their cross-border payments too.