Coinone Transfer has formed a partnership with SBI Ripple Asia to boost its blockchain-based cross-border remittance service. Coinone Transfer is operating “Cross,” Korea’s first blockchain-based overseas transfer service. SBI Ripple Asia is a joint venture between Japan’s SBI Holdings and Ripple of the United States.

Coinone Transfer said Monday that it would support networking of domestic financial firms, fintech and blockchain startups and Ripple; beef up confidence in overseas remittance through the publicity and marketing of Ripple’s transfer solutions; and share results of blockchain-based overseas remittance under the strategic partnership with SBI Ripple Asia.

Coinone Transfer CEO Shin Won-hee said, “Our collaboration with SBI Ripple Asia will be an occasion to prompt diverse financial services to adopt blockchain technology stably.” “Ripple’s xCurrent is a blockchain-powered next-generation cross-border transfer solution joined by more than 200 financial firms around the world,” said an SBI Ripple Asia official, expressing expectations that “the commercialization of blockchain solutions including xCurrent will be activated under close cooperation between Coinone Transfer and SBI Ripple Asia.”

In the meantime, Coinone Transfer introduced Ripple’s xCurrent solution to Cross in May last year. Currently, consumers can use Cross to transfer cash to eight countries including China, Thailand and the Philippines. Transfer is completed within a minimum of three minutes to 48 hours, depending on the country. Remittance charge is around 1%. /hyun@decenter.kr

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