Ripple presence in the Middle East is more secure than ever with two new partnerships Ripple has recently signed with two main Kuwaiti banks. In the last months, Ripple dealt with banks from Saudi Arabia and the United Arabian Emirates, movements that showed the increasing interest the Middle East presented for the RippleNet transactions platforms.
More specifically, in 2017, UAE-based RAK Bank (National Bank of Ras Al-Khaimah) accepted RippleNet for immediate and safe cross-border payments, especially for transfers to India’s Axis Bank. This partnership triggered another one, as well, and Ripple (XRP) was accepted by the UAE Exchange.
More recently, in April, BankDhofar, a bank based in Oman, accepted the Ripple’s blockchain network, the so-called RippleNet, thus becoming the first financial institution in the country (Oman) to accept the blockchain technology operated by Ripple.
Immediately after that partnership, a period of silence began and everybody thought that the Middle East is done with Ripple and the company will focus on another region.
RippleNet accepted by two main Kuwaiti banks
But the Middle East is like it is addicted to RippleNet and everybody wants it. Recently, Kuwait Finance House (KFH) reported they signed a deal with Ripple and joined RippleNet. KFH is the first Kuwaiti bank to join RippleNet and the first Islamic bank to adopt a cryptocurrency’s blockchain for running transactions.
Now, in another sudden announcement, the National Bank of Kuwait (NBK) has hinted that adopted RippleNet, too, becoming the first Kuwaiti bank to adopt the platform for faster and cheaper cross-border payments.
The Middle East countries depend on RippleNet for conducting transactions because they are willing to evolve in terms of financial services in order to offer their residents faster and, more importantly, cheaper cross-border transactions.
As for the Ripple (XRP), the massive RippleNet’s adoption in the Middle East will also assist the cryptocurrency which will become more stable. As we speak, XRP is traded at $0.67, after decreasing by about 1.10% in the last 24 hours.