Coinone Debuts Payment App Via Ripple Tech

Coinone, a South Korean-based platform for cryptocurrency exchange, has released a blockchain-powered remittance app called Cross, according to a report.

Cross uses Ripple’s blockchain network, RippleNet, and doesn’t rely on traditional banking mechanisms. It offers payment services for people who want to send money to Thailand and the Philippines.

The app is being formally released by Coinone’s payments subsidiary, Coinone Transfer, to enable people without banks or bank accounts to transfer money at a low cost.

The company has connections with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines through RippleNet. Also, the collaboration with SCB allows someone receiving money in Thailand to get it directly and instantly.

The remittance sector is a popular one for emerging markets, and firms are noticing. Coinone said there are about two million immigrant workers in the country, or about 3.4 percent of the population.

Thai immigrant workers comprise about 153,000 people, the third largest immigrant sector in the country. Filipino immigrants make up an estimated 58,000 people. Also, the number of remittance payments in and out of the country is rising rapidly – the World Bank estimates $17 billion in the past year.

The South Korean government took notice, and in July of 2017, it started offering global remittance licenses to non-bank businesses for the purpose of running those services.

Using Ripple’s blockchain network will also help legitimize the endeavor. Ripple recently joined up with NEM, Fetch.AI and EMURGO/Cardano to create an association that represents the interests of cryptocurrency and blockchain businesses in Europe. The group, called Blockchain for Europe, is focused on growing the understanding of the technology and highlighting the “true nature” and potential of blockchain technology.

“Ripple is delighted to be a founding member of Blockchain for Europe,” said Ripple Head of Regulatory Relations Dan Morgan in the report. “This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”