Ripple Partners with GMT, the Largest Israeli Financial Service
Ripple company has acquired another one of significant and strategic partnerships that should help Ripple establish their dominance and encourage the adoption of Ripple financial blockchain-based systems in the region of Israel.
This time, GMT, the largest financial service in Israel, is joining the network of Ripple’s supporters, called Ripple Net, which means that GMT will be joining big names form the world of finances, which includes Money Gram, SBI Group, AKBANK, Western Union, Santander and over 120 more banks and financial institutions.
In the official announcement released by the Israeli GMT, the company states that Ripple and GMT have the same business philosophy, which made GMT enter the partnership with the company behind the second-largest cryptocurrency in the first place.
GMT Becomes Ripple’s Representative in Israel: Ripple Adds Another Point to the Global Expansion Plan
GMT shared in the official partnership announcement that the financial service company became Ripple’s representative in Israeli after “a long and precise process,” adding that the company will be joining the network of Ripple’s partners in order to create a global financial network based on the blockchain-based technology by Ripple Labs.
GMT further added that their partnership with Ripple will allow the company to settle on the head of the Fintech industry in Israel, while the company will also get a chance to work with some of the biggest names in the global financial and fintech industry.
The Israeli financial giant also added that they have chosen Ripple because the blockchain-based company offers high-end technology for remittance payments, describing Ripple’s financial service as affordable, cost-effective and transparent.
Ripple’s new partner, GMT, also added that the technology created by Ripple Labs will help GMT bring innovation to the Israeli fintech industry, hoping that the new technology will become the standard for other fintech companies in the region.
The main purpose of the partnership is to establish Ripple’s influence in Israel as a new targeted market for Ripple company, while GMT aims to compete against the traditionally used SWIFT with Ripple’s financial system.
However, the details on the system which should be used by GMT weren’t specified, so it yet remains unclear whether GMT will be using xCurrent like the majority of Ripple Net partners or xRapid, the product that uses XRP cryptocurrency.
Turkish Bank Joins Ripple Network: Akbank Starts Using xRapid
Back on December 14th, Akbank, one of the most significant banks in Turkey, started to use Ripple’s financial system for global payments.
The bank announced that they have finally activated Ripple’s technology within their remittance payment service, after a year-long phase of the technology implementation.
While Akbank adds to the overall adoption of Ripple’s technology in Turkey, the bank is also contributing to the general adoption of Ripple’s currency, XRP, as the bank decided to go for xRapid, which is the only product from Ripple that actually uses XRP.
The system works between the bank of Turkey, Akbank, and Santander United Kingdom, another one of Ripple Net supporters and partners.
In the meanwhile, Ripple announced AMA session with the CEO, Brad Garlinghouse, scheduled for December 18th.
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