Kuwait Finance House adopts Ripple for cross-border payments

One of the largest Islamic banks in the world, Kuwait Finance House [KFH], announced that they would be partnering with financial solutions provider Ripple to provide cross-border payments. It is the first bank in Kuwait to join RippleNet.

KFH might possibly be using xCurrent as the product to provide cross-border payment solutions. This is a significant partnership for Ripple as KFH has a market cap of $8.2 billion, with over $55 billion in declared assets.

Twitterati John Arnett said:

“My thought is @JoelKatz job is done. Job well done I might say. Little tweaks here and there. He sure seems to be making the speaking circuit. Now it’s down to adoption and integration.”

User RippleWorld said:

“The only Solution is #xrp for cross-border payments… #xrpthestandard”

User Joe Darry said:

“Great job Ripple! #xrp will moon soon, I predict it !”

Ripple has had a rough week in the price area, as it declined from an already low price of $0.67. The bear market is taking its toll on XRP, as it weathered a series of drops over the week. It declined a total of 10.86% over the week.

On May 23rd, the price of XRP dropped from $0.62 to $0.59. This came after a drop of $0.03 earlier that day from a price of $0.66 to $0.63. After hovering around the low $0.60s, it suffered another drop to $0.57 on May 28th.

It hit a low this week of $0.55. This is a low not seen since the bear market of April.

The makings of a rally were visible, however, as it currently shot up to near the $0.60 mark after trading at around the $0.55 mark all day today. It is currently trading at $0.59 after seeing a hike of 2.6% in the past 24 hours.

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