Coinone Transfer is a blockchain based financial service company. The company has recently taken advantage of Ripple’s remittance service to expand its market share in South Korea.
South Korea’s remittances is valued at $33 billion annually, according to the World Bank. This makes it the eleventh most viable country in terms of remittance service. However the industry has been dominated by big financial institutions until now.
A 2017 change in the regulatory guidelines makes it possible for small players to serve the market. This is why CoinOne Transfer has become an active player in the industry. The company has set its sights on growing its reach through RippleNet, the remittance network of Ripple.
Since its collaboration with Ripple through SBI Ripple Asia, the company has reported that it has experienced monthly volume increase of 50 percent, with customer retention 80 percent.
Speaking at the Ripple Swell conference, the company’s Business Development Manager Camille Jeong said that the success of CoinOne Transfer is inseparable from the RippleNet’s beneficial features such as speed and global reach.
As global events continue to impact the way we connect with one another, we—along with our partners—are committed to building the best possible cross-border payments experiences. https://t.co/HaJv73kFZ9— Ripple (@Ripple) March 16, 2020
According to her, other features which have made the remittance service attractive to customers are the transparency and two-way communication between users. Keeping tab on transaction on the network is easy and ensures that customers are satisfied with the quality of service rendered by the company.
She is confident that the CoinOne Transfer would continue to make inroads into new markets in 2020. This growth, according to her is attributable to the fact that the company identified the benefits of partnering with Ripple.