SBIA Ripple Asia is back in the news as they join forces with Coinone Transfer. Coinone, is one of South Korea’s biggest exchanges and will join forces with SBI for international remittances. The cross-border project now has participants from eight countries in Asia, including China, Thailand, the Philippines, Japan, and South Korea. The platform, says its developers, allows users to send remittances faster at lower fees across a blockchain-powered network. Transactions, SBI-Ripple Asia claim, take between three to 48 hours to complete, and fees are set at 1%.
Coinone Transfer, a blockchain based overseas remittance company, announced on June 17 that it will collaborate with SBI Ripple Asia to facilitate blockchain based remittance in S.Korea.
— Coinone (@CoinoneOfficial) June 17, 2019
Coinone transfer offered South Korea’s first blockchain powered remittance service called Cross. Unlike other remittance options in South Korea, Cross does not rely on traditional banking rails. Rather, it provides a safe alternative for those with or without a bank account, and the increased payment transparency and reliability inherent to Ripple’s advanced blockchain technology. Coinone, the major digital currency exchange of the county has joined SBI-Ripple Asia for their cross-border payment solution. The exchange has joined the RippleNet and has planned to implement its xCurrent solution. Coinone is the first cryptocurrency exchange of the nation to join the Ripple network.
I think its pretty clear that Ripple is targeting SouthEast Asia. Yoshitaka Kitao is playing a major role in the adoption and SBI Ripple Asia is a sleeping giant.