This is a significant move in an important international remittance market. Korea is 11th in global remittances at roughly $33 billion total, despite being 28th overall in population size. Rule changes introduced in 2017 allowed non-bank companies in Korea to begin offering competitive consumer remittance services.
Jeong is enthusiastic about Coinone Transfer’s projections for sustained growth in 2020, thanks to Ripple’s global network, real-time transfer capabilities and transparent transaction features to achieve hypergrowth in the newly opened Korean remittance market. Customers are thrilled about the ability to access “live remittance status and instant application … in a secure and simple service.”
Coinone Transfer has partnered with RippleNet through SBI Ripple Asia, a joint venture between Ripple and SBI Holdings. With RippleNet’s global network of other blockchain-based remittance players, Coinone Transfer can quickly add new international payment corridors as customer demand merits.