Ripple has done it again, this time partnering with a Kuwaiti bank in a deal that will see the use of Xcurrent by the bank. The Kuwait finance house will join Ripple NET in an unprecedented move in the country that is likely to reverberate across the crypto sphere. This partnership was sealed just days after the Kuwait financial house adopted RippleNet for international payments in a move that was the first of its kind in Kuwait. Ripple has been on a roll with banks across the world taking to XRP for payment solutions. This deal is quite a coup for Ripple since the Kuwait financial house (KFH) is among the largest financial Islamic financial institutions in the world.
The KFH also has a market cap of 8.2 billion dollars which is enough to propel XRP to household name status as the number one payment crypto-currency solution. The adoption of Xcurrent by the Kuwait financial house (KFH) is also a coup for them since they will have an edge when it comes to cross-border payments. Though details on the use of Xcurrent by KFH are quite blurry, Xcurrent will definitely be a cost-effective solution by ensuring that international transactions are executed in less than a day.
Customers will be buzzing by these developments while awaiting the official approval for the use of Xcurrent the central bank of Kuwait (CBK). The deal between the Kuwait based bank and Ripple represents another chapter of Ripple’s breakthrough in the region having sealed a similar deal in the UAE before. Ripple had put up a mast in the region previously by penning a deal with RAK Bank, based in the UAE that facilitated seamless, fast and secure financial services for the financial institution’s customers. This move was soon after succeeded by the UAE exchange deciding to also partner with Ripple.
Ripple had been registering poor market numbers with lows of below 56 cents although signs of a rally were revealed with the price going up to 59 cents within a day. Poor market prices may make for grim news but the financial deals made by Ripple for the past few months give every indication for an upturn. Ripple investors should now buckle up.
