After rumours of Ripple’s XRP possibly becoming Amazon’s choice of cryptocurrency to use as a new payment method, Kuwait Finance House or KFH has officially announced partnering with the financial solution provider. In fact, both companies will be working together to improve cross-border payments.
This is a milestone for the currency-exchange platform as KFH is the first bank to be joining RippleNet. Not only is Kuwait the first but it’s also one of the largest Islamic banks in the whole wild world which will automatically contribute to promoting their new partners and maybe set an example for other financial institution.
xCurrent is Ripple’s standardized technology powering real-time and low-cost payment. This is the program that KFH will probably be using in order to provide cross-border payment solutions and ensure simple and instant transactions.
Although, XRP which is Ripple’s currency, has been going through some rough times, this new alliance could be a significant turning point for this crypto as twitter-users John Arnett and Joe Darry pointed out:
“My thought is @JoelKatz job is done. Job well done I might say. Little tweaks here and there. He sure seems to be making the speaking circuit. Now it’s down to adoption and integration.” – John Arnett
“Great job Ripple! #xrp will moon soon, I predict it !” – Joe Darry
Though, this week has been in fact difficult for Ripple due to price decreasing repeatedly, XRP is still hanging in there as shown by the fact that the currency went up at the end of the day and increased of 2.6% in the last 24 hours.
“The only Solution is #xrp for cross-border payments… #xrpthestandard” – Anonym on RippleWorld
- @JoelKatz is Dawid Schwartz’ twitter account. Schwartz is one of the original creators of the XRP network and Chief Cryptographer at Ripple. ↑