- A South Korean firm leveraging Ripple’s technology has grown exponentially according to a release on March 4.
- Coinone Transfer operates as a financial services firm leveraging RippleNet to solve the shortcomings in Korea’s International remittances.
- The firm has attributed its success to Ripple’s blockchain as per a recent Swell discussion.
Coinone began product development on RippleNet back in 2018; immediately after South Korea lifted a ban which earlier sidelined non-bank institutions. With new rules in place, Coinone aimed at using Ripple’s blockchain to tap into the S.Korea's $33 billion remittance market. This partnership was initiated through SBI Ripple Asia in the same year.
According to the Coinone’s Business Development Manager for Transfers, Camille Jeong, Ripple’s involvement has been more beneficial than they had imagined.
Speaking at the Swell discussion, Camille said that volumes have grown 50% every month since integrating RippleNet. In addition, the International remittances services provider has managed to retain over 80% of its clientele.
Behind the Success
Ripple’s blockchain has featured in a number of discussions on how to answer the questions of lag time and cost in sending payments/remittances across borders. Coinone attributed its success to RippleNet’s ecosystem, which consists of other financial services leveraging its blockchain.
With such a network, the South Korean firm has been able to settle its transactions far faster than conventional banks. It's this, coupled with the country’s real-time settlement on domestic transactions that have made Coinone Transfer's remittance product Cross a truly niche enterprise.
Another factor that accelerated Coinone’s adoption is Ripple’s tracking feature. Basically, users get live updates on the progress of their transactions; this has been a strong marketing point for Coinone.
Looking at this development, both Ripple and Coinone are set to achieve greater things in 2020. However, this is only a mere projection that can significantly change given the crypto market volatility.