South Korea’s Cryptocurrency exchange, Coinone has introduced the first blockchain remittance application and web service known as Cross. Blockchain technology generated by Ripple powers this service. People in Thailand and the Philippines have access to cheaper and faster payment services using Cross.
Coinone Transfer exploited RippleNet and connections with Thailand and Philippines commercial banks to offer this service. This exchange has plans to expand aggressively in the forthcoming months. According to Ripple, Cross’s advanced blockchain technology sets it apart from other remittance options in South Korea. This is because it does not depend on traditional banking rails.
Cross advertises its simplicity of making cross-border transactions. It has a transaction fee of 1%, and it boasts of robust security for customers. South Korean remittance services have limitations because of the high costs associated with the overseas transfer of money. According to Ripple, there are also tracking complexities associated with those remittance services, so users who manage to transfer funds find it difficult to follow their funds.
Cross’s advanced blockchain technology sets it apart from other remittance options in South Korea. This is because it does not depend on traditional banking rails.
The Role of The South Korean Government
The South Korean government started giving licenses to bodies offering remittance services in July 2017. Many people see a secure future in the South Korean remittance industry and the greater region due to the high amount of immigrants in the countries.
South Korean local media reported in August that about 1.74 million immigrants make up an estimated 3.4% of the country’s population. Thailand and Philippines immigrants are at least 153,000 and 58,000 respectively working in the country according to the Korean Immigration Service Statistics 2017 report.
Ripple has made quite an advancement in the Blockchain world as it has made headlines in different countries in the world over the last couple of months. These headlines are as a result of the RippleNet global payments solution expansion.
The Introduction of Blockchain For Europe
Blockchain for Europe, a lobbying association, was just recently designed by the company behind Ripple and other entities in the blockchain field. This association was formed with the idea of assisting European officials in generating smart regulations that help to shape Blockchain’s global agenda. According to reports, this lobbying association hosted a Blockchain for Europe summit last month, and four of the largest European Parliament groups were in attendance.
Want to read more news? Visit our cryptocurrency news page.