Coinone Transfer, a subsidiary of the South Korean crypto exchange Coinone, has unleashed Cross, a mobile app for remitting funds abroad.
The app, which has been under development for months, is based on XRP’s blockchain network RippleNet. The service’s primary aim is to facilitate cross-border remittance operations by transferring funds seamlessly from South Korea to Thailand and the Philippines. Its partners include Siam Commercial Bank (Thailand) and Cebuana Lhuillier (the Philippines).
The service is promising that it will provide its customers access to PromptPay, powered by MasterCard, which will enable receiving funds in the two countries instantly and without intermediaries.
Ripple representatives note that the service has been introduced due to a large number of labor immigrants: According to 2017 governmental estimations, there are currently more than 153,000 Thai workers and 58,000 Filipinos residing in South Korea. Consequently, they send high volumes of remittances to their home countries which is usually costly and cumbersome.
“Not surprisingly, the rate of remittances into and out of the country is skyrocketing — with the World Bank estimating approximately $17 billion in remittance last year alone,” the announcement reads.
The new service together with other initiatives like “a “multi-hop” feature on RippleNet pioneered by SCB, access to Latam and Europe for InstaReM’s remittance customers across the region and The Japan Bank Consortium’s MoneyTap mobile app” promises to significantly reduce remittance transfer costs which continue to be high, specifically in the ASEAN region.
Ripple is one step closer to the moon
Coinone Transfer’s choice of RippleNet is the latest example of Ripple’s achievements in the crypto space. The company certainly managed to impress many commentators this year — and it is continuously expanding.
In the summer, AltcoinBuzz reported that Ripple hired three seniors, David Schwartz, Kahina Van Dyke, Dan Morgan, all of whom specialize in finance and crypto particularly. Since then the company has been gathering pace concluding deals with the National Commercial Bank of the Kingdom Saudi Arabia which is now also using RippleNet. Besides, Ripple now allows PNC, a bank with a substantial customer base of 8 million customers, to receive real-time cross-border payments on the Ripplenet.
And that is far from all: in October, the company hired Google’s key employee, Amir Sarhangi, to help with the product development of RippleNet.
Judging by the fact that Ripple is being buzzed about lately, and even got praise from the multinational financial services corporation American Express, the company is definitely on the right track.