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Ripple Teams Up with Major Bank. Price Pump Incoming?
Al Ahli Bank of Kuwait (ABK) has announced a partnership with Ripple. Thus, ABK customers will be able to seamlessly perform cross-border payments in a matter of minutes.
ABK is integrating RippleNet
The bank has just joined the RippleNet network that already exceeds more than 400 customers in more than 40 countries. Ripple’s enterprise-level Blockchain solution will be utilized to improve the bank’s existing services.
According to ABK’s Somnath Menon, the tie-up will make these services more convenient for their customers. ABK doesn’t want to lag behind other banking institutions as smart technologies continue to disrupt the financial industry. Ripple’s managing director Navin Gupta is also excited about the partnership that will allow the bank to bolster its streaming.
Ripple’s expansion in the Gulf region
Back in December, U.Today reported about the National Bank of Kuwait (NBK) rolling out its own RippleNet-powered remittance service for bolstering its cross-border payments. The Kuwait Finance House (KFH) also started trialing Ripple’s xRapid in December.
The Gulf region, despite adopting a hawkish stance towards cryptocurrencies, has recognized the importance of Blockchain in the financial industry.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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