It is difficult to stop the expansion of Ripple as the company has managed to gain entrance into Israel striking a deal with GMT in order to boost the region’s financial industry as well as consolidate the domination of Ripple in the market.
GMT, in a published announcement, revealed that both companies have almost the same business philosophies, which has played a vital role in helping them reach an agreement after a discussion process: “After a long and precise process GMT was chosen to be Ripple’s representative in Israel, by so joining Ripple, and its partners, in creating a global financial system, with high-end technology and values such as; transparency and affordable costs.”
The team of GMT was very pleased, saying that utilizing the Ripple technology will be an innovation which will transform it into a reference, and which other fintechs operating in the area will follow: “GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform. This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world.”
Currently, we are yet to know if GMT will be making use of xRapid, xCurrent, or the XRP token. GMT, with this partnership, aims to enter a competition with SWIFT. SWIFT is a system utilized by majority of payment processors and bank’s worldwide, however, lots of industry experts keep attacking the system for being old-fashioned and outdated.
Importantly, AkBank (one of Turkey’s most important banks) recently also started making use of the Ripple technology to carry out money transfers. The AkBank team has long chosen the xRapid tool to feature in this implementation.
The community as a whole has taken these announcements positively, showing their gratitude and satisfaction for the advancement in innovation as well as adopting the blockchain technologies.