Although the price of Ripple coin (XRP) has not recorded significant gains, the company has no plans to stop courting more institutions to utilize their blockchain-based products. As Coinone and Ripple join hands, the drive to bring more institutions to use RippleNet is still on course. Coinone is one of the leading cryptocurrency exchanges in South Korea.
In a Twitter post, Coinone noted:
“Coinone Transfer, a blockchain based overseas remittance company, announced on June 17 that it would collaborate with SBI Ripple Asia to facilitate blockchain based remittance in South Korea.”
Coinone and Ripple expands SBI Ripple Asia
Coinone Transfer is a subsidiary of the exchange and aims at facilitating cross border payments. To make transfers cheaper and faster, the Coinone subsidiary has joined the SBI Ripple Asia platform. The SBI Ripple Asia platform was developed by Ripple and a FinTech firm, SBI Holdings, with the aim of interconnecting remittance transfer and financial firms in Asia.
As per SBI, “SBI Ripple Asia is working to accelerate the trend of blockchain-based technologies moving toward commercialization and to expand RC-cloud technology overseas.”
With Coinone and Ripple joining hands, Coinone Transfer has settled on xCurrent. According to Ripple, xCurrent allows financial institutions to move funds across borders. Additionally, the enterprise solution allows end-to-end tracking coupled with real-time messaging functionalities.
As part of the interaction between Coinone and Ripple, and with the SBI Ripple Asia platform, Coinone Transfer will be able to settle transactions and charge as low as 1 percent in fees with less time required to move funds.
Ripple interested in the Asian market
Notably, in the recent past, Ripple has been paying close attention to the Asian market. According to Ripple’s senior VP, global operations, Eric Van Miltenburg, Asia, especially Southeast Asia, is an “incredibly important market” prompting them to seek new customers, partners, and new ways to interface with the market.
The Ripple MoneyGram relationship attracts $50 million, more adoption for XRP.
Apart from Coinone and Ripple, adoption is also brewing in other areas. MoneyGram, a major traditional remittance company, has adopted XRP in its daily transactions. Ripple has announced a partnership with MoneyGram. As part of the partnership, Ripple will invest 50 million US dollars; 30 million US dollars worth of shares and 20 million US dollars in cash in the next 24 months.
On the other hand, MoneyGram will use Ripple’s xRapid enterprise solution. xRapid is one of Ripple’s product where its users use the Ripple coin (XRP) to move funds across borders.
While speaking to Fortune, a news outlet, Ripple’s CEO, Brad Garlinghouse, said:
“This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.”
Garlinghouse added that more institutions seeking to utilize RippleNet are increasingly preferring to be hooked on xRapid rather than other Ripple products that do not use XRP.