Kuwait Finance House (KFH) has released a video on YouTube that’s generating a lot of buzz about its latest cross-border transaction powered by Ripple blockchain technology.
Kuwait Finance House (KFH) is establishing the first blockchain-powered transaction system in the country. A series of questions arose when the formation of this system was announced. Out of them, the most crucial one was: “what is the technology they are using for the completion and development of the system?” The answer has now been revealed as the KFH has itself confirmed that they are using Ripple’s cross-border solutions to complete the blockchain-based transaction.
What’s The Buzz All About?
Kuwait Finance House (KFH) revealed the news through a two and a half minute commercial.
The video is originally in the Arabic language, but as soon as it got released, the users of the /r/Ripple subreddit were so enthusiastic that they immediately started looking for a person who could translate it to English for them. One of the Redditors then translated the video, which says, in part:
The Kuwait Finance House (KFH) has successfully accomplished the first ever blockchain transaction in the country. And this transaction had been possible due to the use of Ripple Technology. The transaction was tested and successfully completed with a beneficiary of KSA Bank.
The transfer is said to have been the first successful financial transaction based on blockchain technology in the entire Kingdom. The transaction trial was conducted along with the Saudi Funding House platform, which is in collaboration with Ripple. However, KFH announced that the live version will be installed after a successful quality and performance check which then would be sent to the Central Bank of Kuwait for approval.
Besides this announcement, KFH also conveyed that they would soon be joining RippleNet, which they initially announced back in May. This would enable them to become an active part of the globally recognized and ever-growing blockchain technology ecosystem. The KFH is all set to use Ripple’s software solutions to enhance the quality and service of cross-border payments and make it more efficient for its clients. While neighboring Saudi Arabia may have banned cryptocurrency trading, it is obvious that Kuwait very bullish on the underlying technology of virtual currencies.
What do you think about this news? Should companies like Ripple find more markets to revolutionize the payment system? Share your views in the comment section below.
Images courtesy of ShutterStock and YouTube/@KFHGroup.