South Korean crypto exchange Coinone will use RippleNet

Coinone Transfer, a subsidiary of Coinone, will use the Ripple network to operate an international transfer service for retail customers, which is expected to launch soon.

Coinone Transfer will use Ripple's xCurrent enterprise software. This solution provides complete tracking of the instant payment and settlement process. Notably, this software does not use the Ripple XRP token, unlike their other product called xRapid. 

The Coinone exchange processes approximately $50 million in cryptocurrency transactions per day. Now its representatives say their desire to engage in money transfers comes from the country's growing demand for faster and cheaper transfers. Particular emphasis will be placed on outgoing payments from South Korea made by migrant professionals and workers. 

As a result, Coinone is set to launch “Cross,” the name of the service through which retail users will be able to send remittances to countries in Southeast Asia.

Wonhee Shin, CEO of Coinone Transfer also said: “Ripple's xCurrent solution will revolutionize the lives of our customers by providing them with a low-cost, fast, real-time global money transfer service time.”

Coinone is now among more than one hundred financial institutions that use Ripple's corporate blockchain system - RippleNet. In February this year, several banks in the Middle East, including the central bank of Saudi Arabia, announced the launch of instant cross-border payments between network members, backed by xCurrent.