Ripple (XRP) Announces an Important Partnership

TL;DR

• Ripple partners with Kuwait Finance House for cross-border payments and is selected by the National Bank of Georgia for a digital currency project; also gets regulatory approval in Dubai.
• Kuwait Finance House reports over 150 million digital transactions and plans to integrate more innovation, including AI.
• XRP’s value rises sharply, hitting a three-month high and becoming the fourth-largest crypto by market cap, amid positive market trends and legal developments.

Ripple’s Latest Partnership

Ripple – the crypto company behind the XRP token – teamed up with Kuwait Finance House (KFH) to launch instant cross-border payment services. The latter praised the blockchain enterprise for its expertise in the matter, raising hopes that the collaboration would economically benefit the Middle Eastern country.

Al-Ajeel – executive manager of digital transformation of KFH – disclosed that customers have conducted over 150 million digital banking transactions through the entity’s online application by the end of Q3, 2023. He also outlined the organization’s intention to follow other major trends in innovation, such as Artificial Intelligence (AI).

Ripple has inked two more important deals in the past few weeks. The National Bank of Georgia (NBG) picked the company to lead its central bank digital currency (CBDC) efforts.  

“We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties,” Natia Turnava – a member of the financial institution – said.

In addition, Ripple expanded to the Middle East, where the Dubai Financial Services Authority (DFSA) approved XRP for use within the Dubai International Financial Centre (DIFC).

XRP on a Tear

The aforementioned partnerships, the overall bullish condition of the cryptocurrency market, and the positive developments surrounding the lawsuit between Ripple and the US SEC might be among the leading factors triggering a price rally for XRP.

The asset recently hit a fresh three-month peak of over $0.73 (per CoinGecko’s data), with some analysts suggesting the surge could continue in the following months. It also surpassed BNB in terms of market capitalization, becoming the fourth biggest crypto asset.

Those willing to find out how XRP might perform in the remaining months of the ongoing year could take a look at our dedicated video below: