Kuwait Finance House (KFH) is one of the major banks of Kuwait, most famous for being one of the first banks to open, operating under Sharia law. KFH are a major firm within Kuwait, trading on the Kuwait Stock Exchange, with a market capitalisation of $8.2 billion as of 2016.
According to reports out today, KFH are the first bank in Kuwait to have successfully trialled and completed a Ripple powered blockchain transaction, one that suggests going forward, KFH will be integrating with Ripple’s xRapid to facilitate all future cross border payments.
According to LiveBitcoinnews.com, a video released by KFH regarding this announcement has said:
“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.”
It does seem that KFH have tapped into Ripple technologies prior to this update, having recently announced that they would be joining RippleNet in order to become a recognised firm within the growing blockchain ecosystem. According to LiveBitcoinnews.com:
“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.”