Coinone, hailed in Asia as one of the continent’s “Big Four” cryptocurrency exchanges, is set to join the Ripple family. Announced on June 17, the exchange performs cross-banking services, while implementing Ripple’s xCurrent solution in its operations.
The partnership between the San Francisco-based blockchain payments giant, Ripple, and Japan’s SBI Holdings called SBI-Ripple Asia, will see the participation of Coinone. With a growing number of cross-border transactions emanating from the southern half of the Korean Peninsula, several companies have been looking to capitalize.
Coinone’s addition to the Ripple network is the first such inclusion of a South Korean cryptocurrency exchange. Speaking about the partnership, CEO of Coinone, Shin Won-hee, told K Banker, a Korean media outlet,
“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology.”
Coinone’s official Twitter account added that this integration is ‘about Ripple,’
— Coinone (@CoinoneOfficial) June 17, 2019
Following the CEO of SBI Holdings, Yoshitaka Kitao, being appointed as a board member at Ripple, the Pacific partnership between the two companies has blossomed. The duo launched SBI -Ripple Asia, a J.V. with the aim of using the network power of RippleNet to build a global payments stream.
K Banker further reported that in the gist of celebrating the agreement with SBI Ripple Asia and their remittance program, Coinone Transfer will “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”
The partnership between the two companies was first initiated in May 2018 when Coinone integrated xCurrent into its remittance services titled “Cross.” According to the latest figures, eight Asian countries can send remittances via the system, with the fee for the same remaining at 1 percent.
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