South Korea-based crypto exchange Coinone has officially launched Cross – a remittance app utilizing Ripple's xCurrent product to facilitate speedy cross-border payments.
Ripple announced Monday that Coinone's payments subsidiary, Coinone Transfer, is now formally releasing the app – which has been under development for months – to the public. It aims to provide unbanked or underbanked individuals the ability to transfer funds from South Korea to Thailand or the Philippines at low cost.
Coinone will be working with Siam Commercial Bank (SCB) in Thailand and a financial institution called Cebuana Lhuillier in the Philippines to get funds to customers. Further, Cross users will be able transfer funds directly to any recipient with a bank account in Thailand through the PromptPay application, which is powered by Mastercard.
The new app will fill a growing need for cross-border remittances, Ripple noted. Thai and Filipino individuals make up two of the largest groups of immigrants in South Korea, which saw $17 billion-worth of remittances into and out of the country in 2017.
Coinone Transfer first announced it was looking at xCurrent in May 2018. At the time, CEO Wonhee Shin explained that using xCurrent allowed the platform to offer customers cheap, real-time payment services.
Korean won image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.