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

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

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.

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