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Coinone Joins RippleNet Amid Claims That Ripple ‘Is Trying to Build a Private Central Bank’

Adam James · @Shasdam | May 09, 2018 | 17:00

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Ripple’s array of partners continues to expand as Coinone joins RippleNet.

Another Day, Another Partnership

According to an announcement from the Ripple team, Coinone Transfer — a subsidiary of Coinone — has officially joined RippleNet. The payments business is set to use xCurrent, Ripple’s increasingly popular blockchain solution for cross-border payments and settlement.

Coinone is one of Korea’s largest exchanges for digital assets and is now poised to become the country’s first to utilize RippleNet. The leading company reportedly handles over $97 million in transactions on a daily basis and plans to use xCurrent to facilitate cross-border payments and advance further applications.

As noted by Ripple, Coinone is a member of the DAYLI Financial Group. One of its subsidiaries, DAYLI Intelligence, previously signed a partnership with SBI Ripple Asia last year, which purports to bring the third largest cryptocurrency by market capitalization’s blockchain solutions to the Korean market.

Cross

Coinone Transfer is set to launch a new remittance service called “Cross” in June, which will be powered by xCurrent. Cross aims to meet Korea’s demand for instantaneous and low-cost payments by affording Coinone customers the ability to send remittances home to family and friends in other Southeast Asian countries. xCurrent facilitates these transactions by allowing for quick, transparent, and low-cost remittance payments across borders. Explained Coinone Transfer’s CEO Wonhee Shin:

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.

Likewise, Emi Yoshikawa, director of joint venture partnerships at Ripple, explained:

Non-traditional payments companies like Coinone Transfer, and their parent company, Coinone, are revolutionizing the way money moves for their customers. We look forward to working with Coinone Transfer to implement xCurrent as the technology underpinning their new, state-of-the-art remittance service.

Not everyone is on board with Ripple and it’s blockchain-based solutions, however — as many cryptocurrency proponents the project is too centralized and centers around a cryptocurrency (XRP) which actually has very little utility. Some have even gone so far as to claim the company is trying to build a private central bank.

@twobitidiot summarizes it for me: "Ripple is trying to build a private central bank". https://t.co/4k4IJfLEiE

— Tuur Demeester (@TuurDemeester) May 8, 2018

At the time of this writing, Ripple (XRP) is trading just below .80 USD — maintaining parity to the rest of the wider cryptocurrency market.

[Full Disclosure: The author of this article holds Ripple (XRP).]

What do you think of Ripple’s partnership with Coinone? Do you think xCurrent is valuable technology? Do you think Ripple is trying to create a private central bank? Let us know in the comments below!

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