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RippleNet: The only thing customers will notice is that its fast, says Al Ahli Bank CTO

Namrata Shukla

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RippleNet: The only thing the customers will notice, it is fast, says Al Ahli Bank's CTO
Source: Pixabay

Ripple has been trying to promote its technology almost everywhere in the world through partnerships with financial institutions. Ripple partnered with Al Ahli Bank of Kuwait in February in order to enable instant cross-border payments for the bank’s customers. AL Ahli Bank’s Chief Transformation Officer [CTO] recently spoke about the technology and how their bank created a broad network with its subsidiaries.

Salem Al Sarraf, Al Ahli Bank’s CTO, in the Ripple Regionals at MENA in Dubai have made a mobile app for the corridors by embedding the payments through the bank’s channels like mobile banking, Internet banking, and their branches. He said:

“The only thing the customers will notice, it is fast.”

He further added that:



“We have a subsidiary in Kuwait and we have a subsidiary in UAE which is owned by our ABK. So ABK have three branches in UAE and we have a subsidiary in Egypt with 34 branches. We said “Let’s put it between our entities.” So ABK Kuwait to ABK UAE to ABK Egypt. So that the base has been built between ABK group corridors.”

The CTO also demonstrated the transfer speed for international payments and how RippleNet powered on-demand payments. The partnership was announced by the Bank and Ripple with the clear motive to make the cross-border payments faster. ABK’s group chief operating officer, Somnath Menon had 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.”

Earlier, Ripple managed to crack deals with the National Bank of Kuwait and the Kuwait Finance House, before partnering with ABK. Ripple managed to gain the trust of these institutional investors, while its native coin XRP is fighting the bear.





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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