- CROSS is a Korean blockchain-powered remittance service.
- The average monthly growth rate for the service is 50%.
- CROSS is powered by RippleNet.
Korean remittance service CROSS, partnered with Ripple to utilize RippleNet in December 2019. Since partnering with RippleNet, the platform has seen an influx of new users. CROSS is the first blockchain-based remittance solution in the rapidly growing economy of South Korea.
According to Camille Jeong, the business development manager at Coinone Transfer, the RippleNet partnership helped CROSS build an extensive network of remittance partners. The RippleNet’s increasing adoption is evident as the platform saw unprecedented levels of usage during Q1 2020.
Benefits of RippleNet
In addition to the cost-effective and reliable remittance solutions, CROSS also takes advantage of RippleNet’s unified remittance protocols. A synonymous payment protocol lowers the barrier of entry for new financial institutions as the protocol will be compatible with RippleNet’s already extensive network of partners. Thus, CROSS can quickly scale and expand to new regions with minimal effort.
When we work with our partners in RippleNet we can easily integrate a solution. And the operating cost is getting lower, as we have the same level of understanding.Camille Jeong (Business Development Manager at Coinone Transfer)
CROSS also takes advantage of RippleNet’s partner network. Using this platform, CROSS is able to connect with various remittance partners that can help bolster CROSS adoption.
Ripple is building upon its partner platform with RippleNet Home. Unveiled at Ripple’s SWELL conference last year, RippleNet Home will create a platform that allows remittance partners to connect with other partners. The platform will also offer valuable market insights using AI technology.
RippleNet Home will also further RippleNet’s value proposition as an all-encompassing remittance platform.
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