In this past week, the second largest cryptocurrency by market cap, XRP, has kept on dominating the crypto sector with its mind-blowing and Jaw-dropping partnership with firms known for its reputable standard and credibility. It was not until Thursday this week, they announced their partnership with Al Ahli Bank of Kuwait. The country’s commercial bank claims that the partnership is meant to increase the efficiency and speed of all monetary transactions carried within and outside the country. This news was exclusively brought to us by the Arabian Business reporters. Meanwhile, the bank boasts of its ability to reduce time and cost of transaction in the country.
According to the bank, it usually takes days and sometimes weeks, before a transaction becomes sucessful and cost of transaction was relatively high before they stepped in. The main plan here is to continue with their services but this time with the integration of RippleNet blockchain technology so as to reduce time taken for a transaction to be complete in a matter of seconds. In this way, they are sure to help foster mass adoption in the crypto space. A big congrats to them for taking such a bold step.
The groups chief operating officer, Somnath Menon in a statement said;
This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.
We already know that Kuwait is the richest country in the world because of their ability to handle and minimize corruption in the country. It’s currency KUD is currently the most valued currency in the world. Logically, it typically means, when the Ripplenet ecosystem has been fully integrated and mass adoption realised, XRP, its native currency may spike up in price. It’s indeed a big news for #xrpcommunity.