Coinone Transfer, the remittance subsidiary of South Korean cryptocurrency exchange Coinone, has chosen Ripple’s enterprise blockchain network Ripplenet for cross-border payments.

Ripple said that Coinone would be the first in South Korea to utilise its enterprise blockchain network.

The exchange will leverage Ripple’s xCurrent solution to launch a new remittance service called Cross in June 2018 for retail customers.

Cross, powered by Ripple blockchain technology, will enable Coinone customers to transfer money to countries in Southeast Asia.

Coinone Transfer CEO Wonhee Shin said: “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.”

Coinone currently manages transactions worth more than $97m daily. The exchange is a member of the DAYLI Financial Group, whose subsidiary DAYLI Intelligence collaborated with SBI Ripple Asia in 2017 to offer Ripple’s blockchain solutions in South Korea.