Ripple (XRP) to Provide the First Blockchain-based Payment Solution for Kuwait Finance House – Crypto Recorder

As Ripple XRP is enjoying some time off the bear market as we can see Ripple’s currency going up above 7% against the fiat in the last 24 hours. In addition to embracing the positive trend in the market, Ripple was most recently mentioned by Kuwait Finance House in an official release on the matter of providing the first blockchain-powered transactions system for Kuwait.

Ripple is known by blockchain-based products offering swift and secure payments with low fees while being ranked as the 3rd top currency in accordance with its market capitalization of over 12.3 billion dollars.

Kuwait Finance House to use Ripple XRP system for Fast Transactions

Integration and mass adoption is one of the main focuses of the majority of cryptocurrencies. Ripple XRP might be one of the leading blockchain foundations in this domain, as Ripple’s payment systems are already being utilized and mostly successfully tested by financial giants like SBI Group, Santander bank, Western Union and other financial and banking institutions and services.

One of the latest achievements in this field was made with the latest announcement provided by Kuwait Finance House (KFH), stating that KFH will be utilizing Ripple’s blockchain-based system solution for fast transactions.

In an official promotional video released by Kuwait Finance House, originally made for the targeted audience in Kuwait, KFH showcased the efficiency of Ripple’s cross-border solution for prompt transactions, while stressing out that the first blockchain-based transaction made in Kuwait was powered by Ripple Technology.

This is, needless to say, a massive step towards the further adoption of Ripple’s technology, posing as “frictionless experience” in the domain of cross-border transactions.

In the above-mentioned video, Kuwait Finance House added that the first transaction was made with KSA Bank as a beneficiary.

Ripple XRP System to Go Live in Kuwait

Kuwait Finance House also added on the matter that Ripple’s solution for cross-border payments is to be tested for complete functionality and efficiency, while the final version of the system solution is to be sent to the Kuwait Central Bank after the quality check is marked as complete.

In the spirit of the revolutionizing cross-border payments in Kuwait, KFH announced that they will be joining Ripple Net, a program designed by Ripple foundation for encouraging further development of Ripple-based systems and solutions.

One day prior to the announcement provided by Kuwait Finance House, Ripple announced the addition of three exchange platforms to Ripple Net, stating that Bittrex, alongside with and Bitso have become the exchanges of choice for Ripple while joining the growing network of Ripple partners and supporters.

Bittrex is set to support xRapid payments for the US, while Bitso and will be supporting Ripple foundation in the Philippines and Mexico.

Ripple Foundation is Targeting the Chinese Market

Ripple XRP announced on August 15th in an official interview that the foundation is planning on entering the Chinese market with Ripple’s solutions for cross-border payments.

The vice president of strategic accounts in Europe at Ripple, Jeremy Light, stated that Ripple is planning to enter the Chinese market with distributed ledger technology in order to make cross-border payments faster in this country as well.

Ripple foundation already made their first move towards getting closer to the Chinese market by acquiring partnership with Chinese payment service, called LianLian, sealing the partnership months ago.

Moreover, Ripple has had additional integrations of Ripple’s technology with Tencent, one of the leading tech companies in China, enabled blockchain-based digital invoicing for the US, China, and Europe.

Spreading the influence in China should definitely bring more momentum to Ripple foundation while having more companies and enterprises potentially joining the Ripple network for the improved adoption of blockchain-based solutions.

Ripple’s XRP in the Market

While Ripple foundation is attempting to penetrate the Chinese market, while being adopted as a payment solution in Kuwait, we can see XRP going up by over 7% in the course of the last 24 hours.

After a couple of rough days with frequent changes in market trends, the majority of currencies were affected by the market dip, including Ripple’s XRP losing around -8% during the last 7 days.

With the latest rise against the bearish market, XRP is currently being traded around the price of 0.30$ while heading towards mass adoption and integration with xRapid and Ripple system solutions for international payments.

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