RippleNet’s 'Cross' starts transfers to U.S., Canada and Australia
Coinone’s overseas transfer service Cross on Wednesday announced it will expand its money transfer service to the United States, Canada and Australia, bringing the total number of accessible countries to 15. #0.5 percent transfer commission rate to the U.S., Canada and Australia According to Coinone Transfer Wednesday, remittance to the United States and Australia takes a maximum of 24 hours to complete and the entire process can be checked via mobile app. The commission fee is 0.5 percent of the transfer volume. #Korean residents living abroad are beneficiaries “According to 2019 data from the Ministry of Foreign Affairs, there are more than three million Koreans living in Australia and New Zealand. Until now, money transfers overseas were mainly done by commercial banks that charged expensive service fees, but with Cross, the task can be done for a lower fee and in a shorter time span,” Coinone said in a statement. The company’s business division head Shin Won-hee explained that “the traditional SWIFT-based transfers take from three to five days until completion and create commission fee of around 5 percent. Cross, on the other hand, was able to reduce the costs and time using blockchain technology.” #Is it also beneficial for Ripple (XRP) investors? Cross was the first domestic service that enabled overseas transfers. It employs Ripple’s RippleNet, a blockchain-based money transfer technology that can replace SWIFT used by traditional banks. According to Ripple, more than 300 financial institutes worldwide adopted the technology as of November 2019.