Cross, the first ever remittance app and web service in South Korea will be using blockchain technology created by Ripple. Ripple also has a crypto-based Ripple currency denoted as (XRP). Cross was introduced by Coinone Transfer, a subsidiary of Coinone. In Thailand and the Philippines, people are granted access to faster and cheaper payment services by Cross. In order to make transfers at coinone, utilization of RippleNet and Networks with banks in Thailand and Philippines, namely, Siam Commercial Bank and Cebuana Lhuillier are mandatory. Plans of regional expansions are in the pipeline. According to Ripple, It’s blockchain technology makes Cross unique from all other remittance platforms as this technology does not depend on traditional banking rails.
According to Cross, the platform has made “cross-border transactions as easy as making bank deposits” The platform provides undefiable security for its customers and charges just 1% of the total transaction. Remittance services have been very limited in South Korea because of the high costs associated with the process of money transfer overseas. It was difficult for people transferring money to keep a track on when the money was being delivered due to tracking difficulties.
The Government of South Korea began to give out licenses to corporations offering remittance services in July 2017. Companies in the field of remittance within South Korea are believed to have a secure future as there are lots of immigrants in different countries. In the month of August, Local media of South Korea government reported that 1.74 million immigrants in the country add up to make 3.4% of the countries population.
With the expansion of RippleNet (Global Payments Solutions), Ripple has been in the headlines all around the globe. Blockchain for Europe is a lobby formed by the company to help the European officials informing “smart regulation to shape the global agenda on the blockchain technology.”
Earlier it was reported that the South Korean National Assembly is scrutinizing local crypto exchanges. With South Korean Crypto Exchange Launching Ripple-Based Blockchain Remittance Service, it is safe to say that the country is developing and is moving in the direction of secure blockchain networks.