Coinone Utilises Ripple Technology

Coinone Utilises Ripple Technology

South Korea is one of the biggest markets for Bitcoin and cryptocurrency despite only being a small country with over two million traders in the crypto space. Coinone is one of the biggest exchanges in South Korea and earlier in the year the CEO of the exchange, Cha Myunghun said that “Coinone has a social responsibility and we want to foster a healthy market without much speculation.”

Now, Coinone Transfer, a subsidiary of the exchange has launched its first blockchain powered mobile payments application which it will use for Ripple’s technology in ensuring faster and cheaper transactions. Considering that Coinone is a South Korean company, they mainly focus on efficient transfers from South Korea to and from the Philippines and Thailand. As reported by Zerocrypted, “it has enabled connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.”

Immigrants in the country sum up to over three percent of South Korea’s population according to a statistic from two years ago. If this number is still accurate then there will be over 1.75 million effective remittances needed in the nation. This will both aid immigrant users of the platform to send a receive money from relatives and friends through Coinone as well as the adoption of Ripple in South Korea, Thailand and the Philippines.

Last year, a government report was published which showed that Thai immigrant workers are more than 153,000 while Filipino immigrants are around 58,000. This move follows South Korea’s change in its remittance laws thus allowing businesses that aren’t banks to offer cross-border payment services.

Users are already asked Ripple to provide better cross-border services in the nations that they live, work and originate as can be seen by a tweet posted earlier today:

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