The large Korean exchange subsidiary Coinone Transfer has become the first in the country to join RippleNet.
Coinone is said to have a daily transaction volume of ~ $100 million (US).
It was announced that Coinone Transfer, of Coinone exchange, will be the first in South Korea to implement Ripple's xCurrent blockchain. xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments.
Coinone exchange is part of the DAYLI Financial Group a subsidiary DAYLI Intelligence. In 2017 DayLI Intelligence partnered with SBI Ripple Asia to bring Ripple blockchain solutions to Korea.
Wonhee Shin who is CEO of Coinone Transfer said in a statement,
“We are proud to be the first digital exchange in Korea to join RippleNet and implement Ripple’s xCurrent solution. Ripple’s xCurrent solution will revolutionize the lives of our customers by providing them with a real-time, low-cost global remittance service.”
This news comes just after the new head of the South Korean Financial Supervisory Service, Yoon Suk-heun, said that he was very open to relaxing the country’s restrictive cryptocurrency regulations.
“Regarding cryptocurrencies, there are some positive aspects. The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes, “ Yoon said. “FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.”