Kuwait’s Boubyan Bank teams up with Ripple; is the company using ‘small banks’ to take on the ‘juggernauts?’

  • 18 July 2019, Thursday, 09:10

Although XRP’s poor performance in the market has rung a few alarm bells, Ripple has managed to assuage the community by promoting enormous growth in terms of its global footprint and mainstream partnerships. Joining this ever-growing list is Kuwait’s Boubyan Bank, a development which was highlighted by @XrpCenter, who tweeted,

“Boubyan Bank from Kuwait signs agreement with @Ripple to provide instant transfer services to various parts of the world. The agreement will provide customers the possibility of transferring money anywhere around the clock.”

Based on the official post, Boubyan Bank has signed an initial agreement with Ripple.Net Worldwide for enabling remittance-related services. Abdullah Al-Tuwaijri, the bank’s Deputy CEO, welcomed the agreement and claimed that Ripple’s agreement strengthens the financial institution’s position in the market. In his words,

“We have signed the agreement with one of the world’s largest known cross-border remittance companies to give customers greater access to fast and easy remittance services.”

RippleNet currently dominates the global financial market and acts as a crypto-bridge that connects over 200 traditional banks and payment providers, enabling cross-border transactions and operational consistency through a common network. While this is the latest in a long line of agreements Ripple has signed with banks around the world, including several banks in the Middle East, the new agreement awaits the approval of the Central Bank of Kuwait.

Taking cues from Ripple’s ongoing partnership drive, crypto-enthusiasts have begun to ask the cross-border giant to shift its focus on building alliance with “juggernauts,” instead of “small-time banks.” However, suggestions such as these were countered by other Twitter users, with one of them, @SebastiantwJohn, responding,

“You are a tad short sighted… XRP allows small banks to compete with the juggernauts.”

Source: ambcrypto.com