The downward trend in the crypto markets continues. But this does not stop the industry from promoting the adoption of blockchain technology. A South Korean crypto exchange launched its own remittance service based on Ripple’s already widely used payment processing software.
.@coinone_info launches Cross in South Korea—the country’s first #blockchain-powered remittance service—giving customers new access to Thailand and the Philippines. https://t.co/Z2y6eBeyqZ pic.twitter.com/2m3ciI1lLC— Ripple (@Ripple) December 11, 2018
“With the planned expansion in the region in the coming months,
CoinoneTransfer has rapidly introduced services through new financial institutions with RippleNet. Connections were established with the Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.”
CoinoneTransfer’s partnership with SCB will soon provide Cross-Customers with a direct connection to PromptPay. This will allow any recipient with a bank account in Thailand to receive payments directly.”
New legislation in South Korea
In South Korea introduced legislative changes at the beginning of the year. They established that non-bank companies are allowed to offer cross-border payments. Traditional transfers can take several days and cost tens of dollars if sent from one continent to the other end of the world.