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Kuwait Bank Joins Ripplenet For Blockchain Payments

Beautiful Sunset in Kuwait City

Kuwait Finance House (KFH) has joined RippleNet to facilitate instant cross-border payments using the Ripple blockchain.

The partnership is a world first for the Kuwaiti banking sector and is part of new strategy to assist the integration of blockchain technology into the country.

Kuwait Finance House customers will be able to make instant transfers to international accounts with almost no transaction fees. The bank supports 485 branches across seven regions in the country and is a leader in the Islamic banking sector.  It was established in 1977 as Kuwait’s first Islamic bank and manages $55 billion in assets.

RippleNet is the Ripple payment network that enables its customers to interact seamlessly using XRP currency. Since its inception less than a year ago it has taken on over 100 customers and continues to grow and build partnerships with new financial institutions on an almost weekly basis.

Ripple (XRP) remains in third position this week on Coin Market Cap with a $24.4 billion valuation and trading at $0.62.

Image From Shutterstock

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