South Korea Launches Remittance App Using Ripple’s Blockchain Technology For The First Time

One of the biggest South Korean crypto exchanges, Coinone, has presented a new web service and a remittance app called Cross. It uses RippleNet for providing faster and cheaper payment services for citizens of the Kingdom of Thailand and the Republic of the Philippines.

To release this payment service, Coinone Transfer, a subsidiary of Coinone, utilized Ripple’s blockchain technology, as well as Siam Commercial Bank (Thailand) and Cebuana Lhuillier (Philippines).

Ripple emphasized that Cross does “not rely on traditional banking rails,” i.e. comparing to other remittance options, Cross plays in an absolutely different league.

The press-release also stated that South Korean remittance services had been limited due to high fee for overseas transactions. Cross, by contrast, provides a total transaction fee of 1%. Moreover, it offers “bulletproof security” for customers.

We remind you

SWIFT Created A New Payment System To Protect Blockchain and FinTechs Provided By Ripple, JP Morgan, and Transferwise

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