Ripple Partner Coinone Emerging as a Leading Remittance Service in South Korea

  • Coinone transfer leveraged the help of Ripple’s global network
  • Korea is currently having a comparatively large bilateral flow to its population.
  • The company’s volume has witnessed a growth of 50% each month while boasting an 80% customer retention rate.

About Ripple

Ripple is a real-time gross settlement system, remittance network and currency exchange created by Ripple labs.inc. Ripple is a US-based technology company that is built upon a distributed open-source protocol and supports tokens that represent fiat currency, commodities, cryptocurrency or any other units of value such as frequent flier miles or mobile minutes.

About Coinone

Coinone is a South Korean Bitcoin and Ethereum exchange. It is a trading platform that enables users trading and exchange of cryptocurrency into the South Korean currency Won (KRW) within the app and provides the options of margin trading, Crypto trading or deposit/withdrawal.

Ripple X Coinone

- Advertisement -

On May 2018 Ripple and Coinone formed a strategic partnership even though the image of Coinone is poor to explore into the payment and for global expansion, ripple agreed to hold hands.

Recently, Coinone transfer leveraged the help of Ripple’s global network, real-time transfer capabilities, and transparent features to ultimately achieve hypergrowth In the newly opened remittance market of Korea.

Korea is currently having a comparatively large bilateral flow to its population. According to the World Bank, Korea ranks 11th in the international remittance with roughly $33 billion total but 28th overall in population size.

Coinone transfer to grasp on the opportunity provided by the new rule introduced in 2017 which allowed non-bank companies to begin offering consumer remittance services. It partnered with RippleNet for its retail remittance product cross in 2018.

Coinone Transfer’s Business development Manager told the swell attendees that since that time from the partnership with Ripple. The company’s volume has witnessed a growth of 50% each month while boasting an 80% customer retention rate.

Coinone utilizes the ripple key features like visibility into transaction status and two-way communication to achieve this feat and the blockchain-based remittance players that Coinone transfer can leverage on behalf of its customers.

This extensive coverage allows Coinone transfer to quickly add new corridors as customer demand merits.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Sateesh Swaminanthan
I am a techsavy, otaku and Crytogeek. loves to talk and write about latest tech, new anime and happenings in Cryptosphere.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Australia's Top Rated Exchange

Top Rated Cryptocurrency Payment Service

Our Partners

RocketFuel