Ripple is making headlines again and again with its own technology. Various banks around the world have shown great interest in RippleNet. This solution is of great value for financial companies, but also for crypto currency service providers. South Korea’s CoinOne Transfer relies on this technology for cross-border payments and settlements.
RippleNet and xRapid are of great interest
Ripple’s products can bring many positive changes to the financial sector in the coming years. The company’s RippleNet venture has attracted a lot of attention. Through this initiative, companies can experiment with Ripple’s xRapid technology with payments and settlements. It uses the native XRP asset to perform such transactions in seconds.
Several remittance providers are testing xRapid. These include Western Union, MoneyGram and MercuryFX. MercuryFX recently confirmed that the first trial of this technology was successful. They are now expanding this test and taking the company to a whole new level.
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With CoinOne Transfer, xRapid will further positively influence the crypto-currency world. CoinOne Transfer is a subsidiary of CoinOne, a South Korean stock exchange. It is the first exchange in the region to effectively experiment with Ripple’s technology. With RippleNet, the company wants to go deeper into cross-border payments.
South Korea has high hopes for Ripple
South Korean companies have so far shown great interest in Ripple and its products. CoinOne is part of the DAILY Financial Group. As remittance outflows from South Korea are increasing rapidly, the blockchain can play an important role.
Ripple’s xCurrent project will be the core of a new remittance service called „Cross“. This service is available to CoinOne Transfer’s private customers and enables faster and cheaper payments. CoinOne Transfer CEO Wonhee Shin is convinced that xCurrent will „revolutionize“ the lives of customers.
Emi Yoshikawa, Director of Ripple’s Joint Venture Partnerships, is excited about these developments. CoinOne is trying to revolutionize the way money moves, and the blockchain can make positive things happen in this regard. With xCurrent, which underpins the company’s new remittance service, new opportunities can be opened. Slowly but surely, blockchain-based technologies and services are gaining ground in the financial sector.