RippleNet Expands Network in Asia by Adding Korean Payment Group Coinone
SBI-Ripple Asia, a joint venture of SBI Holdings and the United States Ripple company, expands its network in Asia.
Coinone Transfer, a payments business and a subsidiary of Coinone, a major digital currency exchange of South Korea, joined RippleNet, a network of institutional payment-providers including banks and money services businesses provided by Ripple.
A new Partner to Take over Asia
Using traditional banking institutions, the sending of funds across borders is often very time-consuming as well as costly due to high transaction fees. To address this issue, SBI-Ripple Asia aims to build a blockchain platform for international remittances that allows faster and less expensive transfers.
Currently, the Asian countries that can participate in the remittance program are eight including China, South Korea, Thailand, and the Philippines. SBI-Ripple Asia claimed that they could settle a transaction within three to 48 hours and charge one percent fees.
Considering the size of the market, that’s a big step forward for SBI-Ripple Asia. Remittance outflows from South Korea have been steadily increasing over the last decade according to data from the World Bank and Coinone handles over $97 million in transactions per day.
Moreover, as announced in a post on May 8, 2019, xCurrent will power the launch of a new remittance service called “Cross” for Coinone Transfer’s retail customers to address the country’s growing demand for faster and cheaper payments across the region.
The Ripple effect
While Ripple has been criticized for its centralized blockchain network, the firm’s cross-border payments ecosystem has enjoyed significant adoption in 2019.
In January 2019, BTCManager informed that its payment platform, RippleNet, had acquired 13 new clients, bringing RippleNet’s total number of clients to over 200.
It’s worth noting that numerous organizations and businesses across the world have begun exploring the potentials of DLT in the international transfer sector. Families who want to send money to loved ones abroad are looking for different services and non-traditional payments companies like Coinone Transfer might be the best option for those in Asia.