Kuwait Finance House Starts using X-rapid

Kuwait Finance House announced today they have started using Ripplenet(probably X-current) to send instant cross-border remittances with zero fees. It looks to be xCurrent as there is no increase volume on the XRP trading ledger but it does continue to build Ripplenet’s increasing influence on the banking sector and sets the groundwork for possible use of X-rapid in the future. It is the second bank in Kuwait to start using xCurrent for payments and sees it as a competitor to SWIFT, which also provides messaging services to banks. The reason it is not utilizing XRP yet for settlements probably comes from the fact that there is not enough liquidity in that part of the world via exchanges to Utilize x-rapid for payments without slippage. Hpwever, if and when a large crypto exchange is put in place in the Middle East, X-Rapid adoption may soon follow.

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