Coinone Transfer which is a subsidiary of the Korea based Crypto exchange Coinone has launched the country’s first mobile payment application powered by Blockchain known as Cross. It utilizes Ripple’s cross border payment technology xCurrent.
xCurrent helps in lowering the cost and increasing the speed of transfers to Thailand and Philippines.
This app is a kind of remittance app and is the first which is powered by advanced technology for quick remittances catering to almost two million immigrants of South Korea. This app is available for Cross customers with a Thai bank account and they can receive payments directly within few seconds by providing them with link to PromptPay. It provides a safer transaction service with reliability and transparency. It is unlike the traditional banking.
Coinone Transfer uses Ripple’s Blockchain network, RippleNet, which is a connection formed between Siam Commercial Bank (SCB) based in Thailand and Cebuana Lhuillier based in Philippines. It helps in an improved, efficient and cost effective payment services across countries.
In near future Coinone Transfer plans to expand the service across Southeast Asia.
As South Korea has large number of immigrants, there was a need to provide the people with better remittance solution. This initiative by Coinone transfer will ensure cheaper and faster transaction.