A New Remittance Solution
Coinone will expand its business areas to financial services using blockchain technology.
Coinone announced on May 9 that it has introduced the blockchain industry's first remittance solution based on Ripple's xCurrent. It described the solution as its first step toward creating a healthy blockchain and virtual currency ecosystem and developing various financial services based on it.
Earlier, Coinone also established Coinone Transfer, a subsidiary focused on making financial services easier, simpler and more secure based on blockchains. Coinone provides the Cross Service, a service allowing users to send small amounts of money abroad.
Ripple's xCurrent is a next-generation overseas remittance solution based on blockchains that can replace the Society of Worldwide Interbank Financial Telecommunication (SWIFT). Currently, if you use the international payment system network, you have to go through three steps –- a foreign exchange bank, an overseas bank and a payment bank. It takes two to five days to complete the transfer.
However, xCurrent is an enterprise blockchain solution with no centralized control system processing payment and remittance information. Therefore, with xCurrent, users can make transactions and remit money real-time without going through a government or central bank.
With the introduction of the xCurrent solution, Coinone Transfer also became a participant in Ripplenet. Currently, more than 100 domestic and foreign companies have introduced Ripple's xCurrent solution. The solution will be applied to the Cross Service of Coinone Transfer in the second half of this year.