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Ripple: Al Ahli Bank of Kuwait partners with Ripple to enable fast and effective transactions

Namrata Shukla

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Al Ahli Bank of Kuwait [ABK] announced its partnership with Ripple on Thursday days in order to enable instant cross-border payments for its customers
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Al Ahli Bank of Kuwait [ABK] announced its partnership with Ripple on Thursday in order to enable instant cross-border payments for its customers in and out of Kuwait, reported Arabian Business. As they announced this partnership, ABK claimed to be one of the few financial institutions in Kuwait to reduce transaction times from days to a few minutes for its customers.

The bank will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations. This will help the bank’s customers in sending money to friends, family and loved ones faster and more efficiently noted the bank.

ABK will be a part of the RippleNet, a decentralized global network of banks and payment providers. ABK’s group chief operating officer, Somnath Menon said:



“This partnership with Ripple is aligned with our unwavering philosophy of reimagining a simpler bank. We have significant interests in cross border remittances and plan to harness the power of Blockchain technology for making global payments faster and more convenient for our customers. As smart technologies continue to rapidly transform the financial sector, we remain committed to enhancing our offerings to our customers, and staying ahead of the innovation curve.”

ABK is not the only bank that Ripple has partnered with in Kuwait. The company has partnered previously with National Bank of Kuwait and Kuwait Finance House. @XRPCenter informed the community about the news by tweeting:

“*#Kuwait*

@Ripple is becoming the best option to send money into/from Kuwait. It has closed production agreements with the following banks:

1)@NBKPage (Largest bank)
2)@KFHGroup_Eng (2nd largest)
3)@Abk_kuwait (6th largest)

How could the rest compete?
#RippleNet”

Ripple’s MD of the MENA Region, Navin Gupta acknowledged this partnership and said:

“We look forward to supporting ABK’s ongoing efforts to enhance its digital banking services, by providing our innovative blockchain solutions for speedy cross-border payments”





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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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