South Korean Crypto Platform Expands Borderless Payments Powered by Ripple to 12 Corridors

Coinone Transfer, the subsidiary of the South Korean crypto exchange platform Coinone, says it’s reaping the benefits of its partnership with Ripple. The retail remittance service has expanded borderless payments powered by Ripple to 12 corridors.

In a customer video, Camille Jeong, business development manager of Coinone Transfer, says the company’s alliance with Ripple has helped its service grow from two corridors to 12 corridors in just over a year.

“Our first corridors were the Philippines and Thailand. Right now, we have over 12 corridors. We are seeing big growth at this moment and within a year of launch, we are having an average monthly growth rate of over 50%…

When we work with our partners on RippleNet, we can easily integrate with the solution and also the operational cost is lower because we share standard processes. We can use the unified format for requesting remittances so we can easily connect with our other partners.”

Coinone Transfer is not using XRP for transfers and has not indicated if it will use the digital asset in the future.

The company is currently leveraging Ripple’s messaging system, an enterprise solution that enables financial institutions to transfer funds across borders.

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