South Korea Remittance Firm, Coinone Transfer, Attributes 50% Monthly Growth to RippleNet

Since adopting Ripple as the underlying blockchain for its cross-border payments and remittances business, Coinone has become a truly influential and niche name.

  • 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.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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