chepicap.com
According to the Kuwaiti Central Bank, Ripple is partnering with the Middle Eastern country in an effort to build a network of remittance payments.
RippleNet has been in talks with the bank of Kuwait for a number of months, and they are now adding the oil rich Middle Eastern country's central bank to their list of partners.
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 new service is called NBK Direct, and is the latest of a number of efforts to try to capture the large international money transfer market, which is being looked at as a potentially huge profit source for crypto.
Ripple has also becoming quite entrenched in the Middle East, recently adding the United Arab Emirates as their latest state partner, in addition to their high profile partnership with Dubai.
The Middle East is becoming something of a hotspot of crypto development, albeit mainly one involving central state actors and heavily favoring Ripple and RippleNet. Ripple is putting itself in a good position to capture the remittance market, which totals over $200 Billion annually worldwide.
Read more: Could Indian remittances bring us out of 'crypto winter?'