NewsMay 9, 2018 by Kelly Cromley

Coinone To Use Ripple’s xCurrent for Global Remittance Service ‘Cross’

Coinone, one of the leading cryptocurrency exchanges of South Korea, has joined RippleNet – Ripple’s global payment network. Coinone joined the network to use xCurrent platform for a global remittance service called “Cross.” In other news, Ripple released v1.0.0 rc1 for Rippled, the core server of Ripple’s P2P network.

Coinone has approximately 643,000 clients and handles over $97 million worth transactions every day. The cryptocurrency exchange is a member of the DAYLI Financial Group, and its subsidiary DAYLI Intelligence had signed a partnership with SBI Ripple Asia last year to introduce blockchain solutions to the Korean market.

According to a World Bank estimate, remittance from South Korea has been growing steadily over the past decade. To capitalize on the payment processing business opportunity, Coinone is planning to launch the “Cross” service by June. Coinone Transfer, a subsidiary of Coinone, will operate the business. The service will use Ripple’s xCurrent payment platform to provide a reliable, faster, and low cost money transfer facility for South Korean residents to send payments across the region.

Wonshee Shin, CEO of Coinone Transfer, said

“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution… Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”

Emi Yoshikawa, director of joint venture partnerships at Ripple, commented

“Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers… We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.”

In other news, Nik Bougalis, a lead developer in the Ripple team, announced the release of Rippled 1.0.0. Yesterday, the Rippled GitHub version was set to 1.0.0 rc1. Rc1, which is otherwise called as ‘going silver’, stands for Release Candidate 1. It indicates that the XRP platform is close to being a marketable product and is coming out of its beta phase. The GitHub page shows the transit from version number ‘1.0.0-b5’ to ‘1.0.0-rc1.’ Notably, Ripple’s community event is scheduled for May 15.