Coinone Transfer, SBI Ripple Asia Partner On Blockchain Remittance Service In South Korea

Blockchain, News | June 19, 2019 By:

South Korean payments firm Coinone Transfer is collaborating with SBI Ripple Asia to facilitate blockchain remittance in South Korea.

Coinone Transfer is a subsidiary of crypto exchange Coinone that focuses on remittances. In May 2018, Coinone Transfer joined RippleNet to use xCurrent, Ripple’s blockchain solution for cross-border payments and settlement, to power its remittance service, called Cross, that allows customers to send vital remittances home to family and friends in countries across Southeast Asia.

Formed in 2016, SBI Ripple Asia is the Asia-Pacific partnership of Japanese financial services company SBI Holdings and blockchain startup Ripple. It manages a consortium of more than 60 Japanese banks who leverage Ripple’s enterprise blockchain technology for instant payments and settlement.

As part of the partnership, the two parties will work closely to promote Ripple’s overseas remittance solution and foster domestic blockchain ecosystem in South Korea. Coinone Transfer will organize an overseas remittance event for 3,000 new Cross members to commemorate the signing of a blockchain overseas transfer program contract with SBI Ripple Asia.

“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology,” Coinone Transfer CEO Wonhee Shin told Korean media outlet K Banker.