South Korea-based crypto exchange Coinone has officially launched Cross – a remittance app utilizing Ripple's xCurrent product to facilitate speedy cross-border payments.
Ripple announced Monday that Coinone's payments subsidiary, Coinone Transfer, is now formally releasing the app – which has been under development for months – to the public. It aims to provide unbanked or underbanked individuals the ability to transfer funds from South Korea to Thailand or the Philippines at low cost.
Coinone will be working with Siam Commercial Bank (SCB) in Thailand and a financial institution called Cebuana Lhuillier in the Philippines to get funds to customers. Further, Cross users will be able transfer funds directly to any recipient with a bank account in Thailand through the PromptPay application, which is powered by Mastercard (NYSE:MA).