Coinone Transfer, a subsidiary of Coinone, will be the first from South Korean blockchain industry to enter foreign remittance industry. Coinone Transfer will launch its foreign remittance service called Cross and hold a commemorative event.
Cross is able to process remittance within an hour on average. Its fee is 1% of amount of remittance and it is up to 80% cheaper than that of commercial banks. One can use Cross’ remittance service 24 hours through Cross’ homepage or mobile application. Cross also has a separate customer center for Philippine customers. Currently, it only supports remittance to Philippines and it is planning to expand its service to Japan, China, Thailand, and Vietnam.
Current foreign remittance systems have expensive fees as they go through many intermediary banks using SWIFT (Society for Worldwide Interbank Financial Telecommunication) service and they take about 2 to 5 days to complete transfers. On the other hand, Coinone Transfer transfers certain amount into a prepaid account and it uses ‘prefunding’ method that can quickly respond to remittance requests by its customers.
Coinone Transfer is going to give out Cross points worth up to $8.84 (10,000 KRW) to participants who like its Facebook posts and write comments to celebrate opening of Cross. It is also going to give out limited Cross goods through lotteries. These events will take place until the 31st of October.
Meanwhile, Coinone Transfer signed a contract with Ripple for its foreign remittance solution ‘xCurrent’ back in May. It is planning to apply xCurrent to Cross sometime during the second half of this year.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com