Coinone, one of South Korea's biggest 3 exchanges has announced that they will be using RippleNet for their new payment service called Cross. Coinone is partnering with Ripple's global payment network RippleNet to provide a faster and lower costs for the South Korean people to send payments to friends or family across the region and borders in a fast, efficient way.
This will not only save the South Korean residents money, but also add around 643,000 users to RippleNet. The South Korean exchange Coinone, handles over 97 million dollar in transactions per day.
Although there are both Ripple haters and Ripple lovers, credit has to be given to Ripple where it is due. Ripple has really extended it's reach far across banks and borders. This is not the bitcoin block chain technology as we know it, but it is a disruptive and a beneficial technology to society as a whole.
Although Ripple is a decentralized payment system connected to their crypto altcoin XRP, they are proving their use in the real world.
The new 'Cross Service', offered by 'Coinone Transfer' for the South Koreans, will be launched in June and will benefit thousands of people financially in South Korea.
'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.' Wonshee Shin, CEO of Coinone Transfer.
The 2nd company, Revolut, which was founded in 2015 in London, started life as a Fintech company offering a multi-currency pre-paid debit card managed via a mobile app.
Since then, it has expanded and includes cross-border money transfers at Interbank FX rates, free global ATM withdrawals, personal loans, travel insurance, and cryptocurrency trading.
Their service Revolut Crypto allowed customers to buy, sell or hold bitcoin. At customers request Ripple(XRP) will be added and live more or less 15th of May 2018, and Bitcoin Cash when ready.
'In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service... It gives you the stuff the Premium card gives you but then on top of it you get cash back in cryptocurrencies.' (Nikolay Storonsky, Revolut CEO).
I am glad with other XRP holders to see that the XRP are also implemented in a real life scenario, and will be available as a cryptocurrency payment system.
Ripple also announced that they will be releasing Rippled 1.0.0. The software is ready to be released as a market product and may sky rocket the adoption rate of their altcoin XRP. The Ripple altcoin XRP also reflects Ripple's liquidity in the market.
One of the developers of the Ripple team, Nik Bougalis, has announced the release of Ripple 1.0.0 which is a XRP peer to peer network called Rippled. This means XRP is coming out of it's beta phase and becoming a real market product. The Rippled server is at the basis of the XRP ledger. The date for the release of Rippled is not yet known. Everything seems to have been tested and ready for launching.
There are rumors that Ripple will be announcing something major mid May, and that they will be releasing XRapid to other companies to start using Rippled. XRapid has been tested by Moneygram and Western Union and customers have seen up to 70% savings on their transfers. Previously their transfers has taken days, now it is taking minutes. This makes the cryptocurrency market look really good.
The biggest problem Ripple(XRP) holders has had previously, is that XRP didn't have any real life use as a cryptocurrency, except acting as liquidity basis to Ripple. Now Ripple proves XRP has a real world use as well in real world businesses, solving real world problems. XRapid will be the internet of value for money, sending cross border payments which previously took 3 days.
Do you think the release of Rippled will have an influence upon the price of XRP? Leave a comment in the comment section to say what you think!!!
Cheers friends!!!