Coinone Transfer, a subsidiary of the Korea-based crypto exchange Coinone, just launched the country’s first blockchain-powered mobile payments app.
The new platform is called Cross, and utilizes Ripple’s cross-border payment technology xCurrent to lower the cost and increase the speed of transfers to Thailand and the Philippines. Although xCurrent is blockchain-based, it does not utilize the digital asset XRP.
According to Ripple, Coinone Transfer plans to expand the service across Southeast Asia in the near future.
“With plans to aggressively expand across the region over the coming months, Coinone Transfer quickly rolled out the service through new financial institutions using RippleNet — connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
Coinone Transfer’s partnership with SCB also will soon offer Cross customers a direct link to PromptPay, which enables any recipient with a bank account in Thailand to receive a payment directly and instantly.”
The new platform is one of the first to come out of a change in South Korea’s remittance laws, which makes it possible for companies that aren’t banks to offer cross-border payment services in the country.
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