Coinone Transfer, the payments arm of South Korean crypto exchange Coinone, has officially launched Cross, a blockchain-based remittance app and web service, Yahoo Finance reports.
The blockchain-fueled payments app is the nation’s first, and it uses RippleNet to transfer funds to Thailand and the Philippines through Siam Commercial Bank and Cebuana Lhuillier, respectively. It has plans for an “aggressive” expansion in the following months.
“Cross touts itself as making cross-border transactions ‘as easy as making bank deposits.’ It advertises a total transaction fee of 1% on its website, alongside ‘bulletproof security’ for customers.”
As for Ripple, the San Francisco-based company claims that “its advanced blockchain technology sets Cross apart from other South Korean remittance options since it does ‘not rely on traditional banking rails.’”
Remittance services in South Korea have been plagued by high costs according to Ripple. This, plus the complexity of tracking the funds, have made these amenities quite limited. Presumably, Coinone aims to fix this through Cross.
Photo: Coinone Transfer (Cross)