Ripple continues to make a lot of headlines with its proprietary technology. Various banks around the world have shown a keen interest in RippleNet. This solution is of great value to financial firms, but also cryptocurrency service providers. South Korea’s CoinOne Transfer is getting on board with this technology for cross-border payments and settlement.
RippleNet and xRapid Are of Great Interest
Ripple’s native products can bring a lot of positive changes to the financial sector in the years to come. The company’s RippleNet venture has attracted a lot of attention. Through this initiative, companies can experiment with Ripple’s xRapid technology for payments and settlement. It makes use of the native XRP asset to complete such transactions in mere seconds.
Several remittance providers are in the process of trialing xRapid. This list includes Western Union, MoneyGram, and MercuryFX among others. The latter company recently confirmed its initial trial of this technology was successful. They are now in the process of expanding upon this test and taking the venture to a whole new level.
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
With CoinOne Transfer now getting on board, xRapid will continue to impact the cryptocurrency world. CoinOne Transfer is a subsidiary of CoinOne, the South Korean exchange. They are the first exchange in the region to effectively experiment with Ripple’s technology and solutions. With RippleNet, the company aims to delve deeper into the cross-border payments industry.
South Korea has High Hopes for Ripple
This most recent development makes a lot of sense. South Korean firms have shown a keen interest in Ripple and its products. CoinOne is a part of the DAILY Financial Group. A subsidiary of this Group signed a deal with SBI Ripple Asia in 2017. This further confirms the Asian country wants to embrace blockchain technology in creative ways.
With remittance outflows from South Korea increasing rapidly, blockchain can play a big role; of importance. Ripple will have its role to play, as their xCurrent project will be the core of a new remittance service known as “Cross”. This service is available to CoinOne Transfer retail customers and provides faster and cheaper payments. Coinone Transfer CEO Wonhee Shin is confident xCurrent will “revolutionize” the lives of customers.
Ripple’s director of joint venture partnerships Emi Yoshikawa is excited by these developments. CoinOne attempts to revolutionize the way money moves, and blockchain can make positive things happen in this regard. With xCurrent underpinning the company’s new remittance service, new opportunities can be explored accordingly. Slowly but surely, blockchain-based technology and services continue to make inroads in the financial sector.
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