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National Bank of Kuwait Enabled RippleNet’s DLT for Online Banking

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www.cryptovibes.com 27 December 2018 11:50, UTC
  
Reading time: ~2 m

Even as the overall cryptocurrency market is undergoing tremendous weakness and could possibly post the worst returns in 2018, certain banks are showing interest in the emerging distributed ledger technology (DLT). This is quite evident when the National Bank of Kuwait (NBK) enabled RippleNet’s blockchain technology to be used for online banking. Aside from this, PricewaterCoopers indicated that more banks would foray into the crypto space in the upcoming years.

Availability

In a tweet, National Bank of Kuwait said that users could send money instantly with the help of its Direct Remit for the first time in the country. For this purpose, users should log on to the RippleNet’s DLT for online banking.

For the first time in Kuwait: Send money instantly with NBK Direct Remit. Log in to NBK Online Banking using RippleNet’s Blockchain technology. NBK Direct Remit is currently available for Jordan. https://t.co/hcxitTSnea pic.twitter.com/sARUJplZjd

— National Bank of Kuwait (@NBKPage) December 26, 2018

The company disclosed that the facility is available for Jordan currently. In reply to XRPortugal, whether it is using xRapid or xCurrent, the company indicated that it would use a special system for money transfers. However, the company assured that it is a secured one.

In another tweet, the bank indicated that it is using xCurrent that will enable customers to make cross-border payment with ease. In Jordan, it will cost KD 1 per transaction for direct remit to NBK. However, it would cost KD5 per transaction for other banks in the country. This is viewed as an expensive one by some customers. Also, there is thinking that if the NBK is not using XRP, then it would not do any help to the cryptocurrency price.

More Banks

In a related development, PwC said in a Reddit that more banks will enter into the digital currency sector. The second biggest accounting firm thinks that a fresh wave of institutional investors will fuel adoption of the virtual asset in the upcoming 12-month period. The firm’s executive Henri Arslanian sees the upcoming year to be a big one for the crypto ecosystem.

Speaking to the media, he said that

“I think there is a lot of exciting things that the crypto ecosystem is looking forward in 2019. One of them, I think, is really the entry of institutional players.”

While stating that the year 2018 witnessed a number of big banks entering the space, the upcoming year could witness more banks foraying into it. He also believes that there are opportunities for partnerships or alliance with crypto firms.


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