The National Bank of Kuwait became a partner of Ripple

14.09.18 16:01
Cryptocurrency

A revolutionary technology Ripple uses blockchain to make payments quick, and big financial institutions welcome this improvement; now, the time for money transfers has shrunk from a few days to four seconds. Global banks make deals with the innovative company, and the National Bank of Kuwait has joined the Ripple partners list, thus becoming the first bank of Arab Countries that cooperate with Ripple.

Representatives of the bank emphasize that this cooperation will make cross-border payments safe, instant, and fully transparent during the whole time of transferring. It can also significantly reduce the cost of a remittance.

The use of Ripple’s services will replace the Swift system, which was launched in 1973. At present, more than 10,000 organizations cooperate with Swift, while the number of Ripple partners is a hundred times less.

However, Ripple CEO Brad Garlinghouse claims that on average, the company starts co-operation with a new institution every week, and the spread of instant payments is gaining momentum.

Chris Larsen, a co-founder of Ripple Labs, Inc., stated that the company signed more than a hundred contracts, which means that the companies-partners not only consider a partnership with the Ripple and test the innovative technology but also finally decided to use the Ripples service in the future.

Ripple also has its own cryptocurrency XRP, which will be used as a means for converting currencies if necessary. Today, XRP takes the third place among cryptocurrencies by capital after Bitcoin and Ethereum. Due to the support of financial giants, XRP has a good chance to rise in price and become the most influential cryptocurrency in the world.

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