South Korean Exchange Coinone Leverages Ripple Technology in New Cross-Border Payment System

One of the largest cryptocurrency exchanges in South Korea has recently announced it intends to implement Ripple technology in a new cross-border payments solution.

The exchanged has Joined RippleNet and aims to incorporate Ripple's xCurrent solution in a new cross-border payment and settlement system.

With the launch of the new payments system, Coinone will become the first South Korean exchange to integrate Ripple technology.

The venture partnership was announced via the Ripple blog earlier this week, stating that Coinone would be using one of Ripples three blockchain-based enterprise solutions.

The Cross system is designed to address "Key regional remittance corridors" out of South Korea, and will make it possible for Coinone users to send remittance to both friends and family within Southeast Asia using Ripple's xCurrent technology.

The new Cross service will be operated by Coinone Transfer a payments business and a subsidiary of Coinone.

"Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers. We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service."

Coinone is a member of the DAYLI Financial Group, and joins DAYLI Intelligence, a subsidiary of the financial group, in using Ripple solutions.

DAYLI Intelligence announced that it would be engaging in a joint venture partnership with Ripple in September last year, stating that Ripple technology would be integrated into their AI-based technology infrastructure for financial institutions to provide instant cross-border payments to customers in Japan and South Korea.

In addition to Coinone and DAYLI Intelligence, several other large-scale financial platforms have recently joined with Ripple.