Bank Of Kuwait Set To Activate Ripple xCurrent To Enable Seamless Communication

From time, Ripple has always been concerned about promoting use-cases and replacing the conventional SWIFT payment systems that have dominated the industry for a while now. This is the main purpose of the xRapid and xCurrent protocols that Ripple Labs has been working on for a while now. As you already know, simply having a good protocol isn’t enough. You need to make effort to promote it. The more people or companies use your products, the better.

National Bank Of Kuwait (NBK) Adopts Ripple’s xCurrent

The National Bank of Kuwait just announced that it has enabled the Ripple xCurrent protocol. As one of the largest banks in the Middle East, this move is certainly going to take the xCurrent platform all the way up. The xCurrent will be going live in the next few weeks. According to a source, NBK has been working with Ripple to enable the xCurrent protocol for cross-border payment services. Right now, all that is left is approval from the Central Bank. As soon as the Central Bank gives the go ahead, the xCurrent protocol will go live. This is expected to happen either before the end of this month or by the beginning of next month.

SEE ALSO:   Many SWIFT-enabled Banks Are Using Ripple’s Tech According To Brad Garlinghouse

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.50
-4.69%

This xCurrent payment solution was developed by Ripple Labs to enable frictionless and fast messaging that will allow banks to enjoy seamless communications during cross-border transactions. While xCurrent is based on blockchain technology, it doesn’t require the use of cryptocurrencies. It’s unlike the xRapid protocol that allows banks make payments using XRP. The banks will convert the payments into XRP, send them to the receiving party who will receive the fiat equivalent of the XRP.

In May, the NBK posted a tweet about its interest in Ripple. However, they did not give any specifics about the project at the time. The announcement simply said that the bank will be partnering with RippleNet which is the association for financial institutions that are interested in Ripple’s technology.

The interest the Bank of Kuwait has in Ripple isn’t surprising. This is because the Middle-East has always had high interest in blockchain technology and cryptocurrencies. They have particularly shown interest in Ripple’s technology. In February, the Saudi Arabian Monetary Authority talked about using the xCurrent protocol within its banks. In Kuwait, NBK isn’t the first financial institution to adopt Ripple’s technology. In August, the Kuwait Finance House announced that it has started using the xRapid protocol.

The NBK is worth billions in revenue and it is known for sending global transactions. By adopting the xCurrent protocol, the NBK has raised the profile of this technology. Other banks will become more interested in implementing it. This is a great move for Ripple.

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How Will This Affect The Price Of XRP?

If the xCurrent protocol required the use of XRP tokens, the price of XRP would have skyrocketed after the announcement. However, since it doesn’t require the use of the token, the news will have little or no impact on the price of XRP.

At the time of writing, XRP was trading in red at $0.447345. This shows that it is down by 1.35% against the USD and down by 1.44% against Bitcoin. The 24 hour trading volume is $247,635,576 while the market capitalization is $17,892,739,254.


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