South Korea’s Third-Largest Cryptocurrency Exchange, Coinone, Set to Join the Ripple Family
South Korea's third-largest cryptocurrency exchange, Coinone, which is known as one of the “Big four” exchanges in Asia, will be joining the Ripple family.
Per the announcement on the 17th of June 2019, Coinone provides cross banking services, using the xCurrent payments solution of Ripple.
SBI Holdings and Ripple Joint Venture
This integration of the Coinone exchange into the Ripple family is made possible through the partnership between Japan's SBI Holdings and Ripple, called ‘SBI-Ripple Asia'. With the increasing number of cross border transactions coming from the southern region of the Korean peninsula, many firms now seek capitalization.
This Coinone – Ripple integration is the first of its kind among South Korean crypto exchanges.
Shin Won-hee, the CEO of Coinone in a report said
“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology.”
On Twitter, @CoinoneOfficial, the official Twitter account for the exchange also tweeted
“It’s about @Ripple, also it’s about @Cross.
We’re using #xCurrent for our service in S.Korea.
Check out #Cross 👉https://t.co/RMaHaFReUD”
SBI – Ripple Asia Growth
The SBI – Ripple partnership blossomed even more after Yoshitaka Kitao, the CEO of SBI Holdings was appointed as of Ripple’s board members.
The partnership brought about SBI – Ripple Asia, a joint venture which aims to utilize the network capabilities of RippleNet to provide global cross border payment options.
Reports state that with the agreement between Coinone and SBI – Ripple Asia, their cross border blockchain payment, Coinone Transfer would “organize overseas remittance events for 3,000 new subscribers to the blockchain overseas remittance service.”
This integration of the Coinone exchange into the Ripple family was first initiated in 2018 when Coinone integrated Ripple’s xCurrent into “Cross”, their remittance service.
According to recent statistics, eight countries in Asia can now send remittance through the ‘Cross' platform, with the transaction fees unchanged from one percent.