Kuwait Finance House, Kuwait’s Central Bank is one of the leading investors in Kuwait. The following announcement comes at a time where the RippleNet network is becoming more and more popular. The number of companies using Ripple’s technology for international transactions, is increasing steadily.
KFH said that the new partnership of the Bank would enable to increase the number of products that are in accordance with the Sharia. The collaboration will expand the international transactions on the Blockchain, and for the transmitter and the receiver for lower transaction fees.
Kuwait Finance House has 485 business within the country and operates in 7 regions. More than 1000 people are set in the Organisation and there are around 1000 money automation to be operated.
The Central Bank of Saudi Arabia and the UAE exchange are already entered into a partnership with Ripple.
The Kuwait Finance House, confirmed the Alliance and wrote the following Tweet:
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarders Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
Ripple itself was not yet known whether KFH xRapid or xCurrent is users.
“This is an important news for Kuwait Financial House, as it is constantly working to give the large Bank partnerships a solid basis. The fact that KHF works as a leading Bank in Kuwait, paving the way for more consumers to obtain more services over the RIBL network.“
Ripple (XRP) has completed the Integration with several global banks to process transactions internationally to offer. Propylene, a real estate company, announced that customers can purchase real estate with the XRP tokens.
Upfold, the digital payment platform is also entered into a partnership with RippleNet. The platform allows users to buy crypto-currencies with USD, and payments and withdrawals. In addition, Revolut has integrated a Mobile Banking App, XRP in the System. So the 2 million users can purchase the digital Asset and sell it.
On the first of June TapJet announced that the private jet companies will now accept XRP. eToro, a Multi-Asset Brokerage – and Social-Trading-Network-company published a study about their customers. The study showed that Ripple was the most profitable crypto-coin in 2017.