New Zahlungsapp from South Korea relies on Ripple’s software solution
Home News New Zahlungsapp from South Korea relies on Ripple’s software solution
Marcel Knobloch –
The downward trend in the crypto market continues, however, considers this the industry does not depend on the adaptation of the block chain technology. A crypto stock exchange of South Korea has launched its own money transfer service on Ripple’s already widely used payment processing software.
Coinone Transfer, a subsidiary of the crypto-exchange, Coinone, gebraht the first mobile Zahlungsapp on the block chain technology on the market. The new platform is called ‘Cross’ and uses the Ripple already asked xCurrent, to process cross-border payments at a low cost and a high rate of speed. It is important to note that xCurrent uses the block chain technology, however, is not the native tokens, XRP is used to move the Assets. According to embodiments of Ripple Coinone plans after the successful Launch of the service on Southeast Asia (freely translated):
With the planned Expansion of the Region in the coming months, Coinone Transfer has introduced the Service quickly on new financial institutions with RippleNet Connections that were established with the Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
The partnership of Coinone Transfer with SCB will offer Cross-client in the near future, a direct connection to PromptPay, with the help of each recipient who has a Bank account in Thailand, can directly and immediately receive a payment.
In South Korea only in the beginning of the year changes in the law that allows companies that are not banks, cross-border payments across national borders. Traditional wire Transfers can take several days and cost in two-digit dollar amount, cause, if they are sent from one Continent to the other end of the world. Through the use of xCurrent, or xRapid the transaction fees are often only a few pennies and are almost settled in real-time. According to Ripple, it is only a matter of time until the old financial institutions up-to-date technologies to be transferred, such as the Blockchain, in order to optimize internal business processes and to explore the opportunities and advantages for their own success and to take advantage of.