The Kuwait Finance House (KFH) is the name of the first bank to join RippleNet which is an enterprise blockchain network from the industry giant Ripple for international remittance payments.
The news comes from an announcement by the Kuwaiti bank, confirming its official move to join RippleNet which is a SWIFT-replacement global blockchain network that has more than 100 financial institutions including banks, payment providers, remittance operators and other financial institutions all using the product for real-time sending and settlement of international transactions.
Meanwhile, KFH, which is an Islamic-first bank in Kuwait, underlined its intention to use Ripple’s ‘tool’ for cross-border payments to its retail customers. Thanks to this technology, KFH can provide instant and secure cross-border money transfers in seconds, with high end-to-end visibility as the payment settles.
Currently, many people are waiting to see if the bank is going to adopt Ripple’s xCurrent (which is an enterprise blockchain software that enables settlements in fiat) or Ripple’s xRapid which is a product which uses XRP for real-time liquidity for international transactions.
What we do know, however, is the fact that the bank will require the approval of the Central Bank of Kuwait (CBK) before the launch of the Ripple-enabled service. Once that is settled, however, KFH’s customers will benefit from the instant payments and increased efficacy.
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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