Ripple, in an official publication, has featured the relationship between the two organizations. Ripple says that Coinone is entering the Korean remittance market by means of Ripple’s administrations.
“Coinone Transfer is a blockchain-based financial services company in South Korea leveraging Ripple’s global network, real-time transfer capabilities and transparent transaction features to achieve hypergrowth in the newly opened Korean remittance market.”
The publication clarifies that for quite a while, major financial organizations totally dominated the remittance market in Korea. This didn’t give smaller companies any chance for growth. However, this changed from 2017, when the clime turned into significantly more favorable. Korea started to permit other financial organizations that aren’t banks, to offer remittance services to their customers.
Ripple, in 2018, went into an association with Coinone. The product the two of them offered was made possible through SBI Ripple Asia, an alternative association between SBI Holdings and Ripple. As indicated by Coinone Transfer’s Business Development Manager Camille Jeong, the association has been an extraordinary once. She says that since the two organizations started a new business, the organization has pulled in a normal growth volume of 50% every month. She likewise said Coinone Transfer has an 80% customer retention rate.