Kuwait Finance House(KWH) Confirms the Use of Ripple As A Cross-Border Solution
A video on YouTube by Kuwait Finance House(KFH) is generating a lot of buzz in the crypto world. The video is about the latest cross-border transaction which is powered by Ripple blockchain technology.
KFH is launching the first-ever blockchain-powered transaction system of the country. With the announcement of the formation of this system, there were various queries regarding the platform and technology they will be using. Recently the answer was revealed through their YouTube video. KFH has confirmed they are using Ripple’s cross-border solutions. This technology is the key feature of Ripple and it will help KFH to complete its blockchain-based transaction.
The video was originally released in the Arabic language but no sooner the video got released than the users of Ripple started finding a person who could translate the video. They were over-enthusiastic and wanted to know everything as soon as possible. One of the Redditors then translated the video:
It says that the Kuwait Finance House (KFH) has accomplished the first blockchain trading and transaction in the country. The transaction was completed using the Ripple technology. The transaction was then tested and completed with a beneficiary of KSA Bank.
The Saudi Funding House platform in collaboration with Ripple conducted the transaction trial. There was an announcement by the KFH that the live version will be installed soon after checking the quality and performance which will be then sent to the Central Bank of Kuwait for approval.
Moreover, KFH is also planning to join RippleNet as they announced back in May.
Besides this announcement, KFH also conveyed that they would soon be joining RippleNet, which they initially announced back in May. This would help them to become an active part of the universally recognized and consistently developing blockchain technology ecosystem. The KFH is good to go to utilize Ripple's solutions for improving the quality and administration of cross-fringe installments and make it more proficient for its customers. While neighboring Saudi Arabia may have prohibited cryptocurrency trading, which clearly makes Kuwait exceptionally bullish on the hidden innovation of virtual monetary forms.
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