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Ripple to Significantly Improve Cross-Border Payments in South Korea with These Partnerships

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Wed, 02/26/2020 - 07:14
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  • San Francisco-based blockchain company Ripple has teamed up with three more remittance startups in South Korea

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Contents

$10 bln blockchain company Ripple has expanded its presence in South Korea, one of the most burgeoning crypto hubs, by on-boarding three more partners in the region: Sentbe, Hanpass, WireBarley. 

These three companies have joined the global RippleNet network that surpassed 300 members this year. 

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Three new partners 

South Korea has close to two million immigrants that comprise more than three percent of its total population. This has created a need for robust payment corridors between them and the Philippines, Thailand, Japan, and other countries. 

Sentbe manages to save up to 95 percent in remittance fees by allowing its users to send payments to the aforementioned countries without opening a bank account. Hanpass is considered to be one of the leaders in mobile remittances while WireBarley boasts access to Australian and US markets.      

“South Korea is a hotbed of fintech innovation, and we’re committed to grow our customer base and presence,” said Emi Yoshikawa, Sr. Director of Global Operations.

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Solving a major problem 

The South Korean remittance market has witnessed a rapid transformation after the government started offering remittance licenses to non-bank companies in 2017.

Back in 2018, payments company Coinone Transfer successfully partnered with Ripple to roll out Cross, the first blockchain-based remittance product in South Korea.  

With the addition of these new customers, Ripple is set to significantly improve the cross-border payment industry in the Asia-Pacific region.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
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Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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