Kuwait Finance House (KFH), the country’s second-largest bank, announced on Twitter that it is partnering with Ripple (XRP) for international money transfers. KFH was established in 1977, becoming the first Islamic bank to set up in Kuwait. In 2017, Global Finance ranked KFH as the second safest bank in the region, losing the top spot to the larger Al Hilal Bank.
Earlier this year, KFH announced it has 17 billion dinar in total assets, worth over $56 billion.
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarder Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
KFH is just another addition to a growing number of financial institutions who have announced they are partnering with or testing out Ripple, including American Express and Western Union. Just this week, Ashton Kutcher and Guy Oseary announced on The Ellen Show that their investment firm, Sound Ventures, has invested in Ripple’s XRP, now the third largest cryptocurrency with a market cap of over $23 billion as of May 26, 2018.
In spite of the ever-growing list of partnerships, Ripple has struggled to pull itself out of a downtrend that’s impacted most coins and tokens on the market. Once rising above $3, XRP has hovered around $0.60 for most of May.