Ripple’s expansion remains unstoppable and has now the company behind XRP managed to conquer Israeli territory after closing a significant deal with GMT in an effort to boost the financial industry in the region and consolidate Ripple’s domination of the market.
According to a public announcement published by GMT, both companies share similar business philosophies, something that helped them reach beneficial terms after a prior 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 GMT team was quite pleased, stating that the use of Ripple technology is an innovation that turns it into a reference to be followed by the different fintechs that operate in the region.
“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.”
At the moment it is not known whether GMT will use xCurrent, xRapid or the native XRP token. Through this partnership, GMT wants to compete with SWIFT, a system that despite being used by most banks and payment processors worldwide, has recently been attacked by many industry experts for being “outdated” and “obsolete.”
Turkish Bank AkBAnk Successfully Begins Operations Using Ripple Technology
It is also important to point out that AkBank, one of the most important banks in Turkey also recently started money transfer operations using Ripple technology. xRapid has been the tool chosen by the AkBank team to phase in this implementation which they have been working on for just over a year
The announcement appeared in the bank’s official Twitter account
Direkt Bankacılık Genel Müdür Yardımcımız Tolga Ulutaş: “Akbank’tan Santander UK’e Ripple üzerinden blockchain altyapısı ile GBP para transferleri başladı.” pic.twitter.com/IHKh5KZ73J
— Akbank (@Akbank) December 14, 2018
The community has reacted positively to these announcements, showing successful operations in which it is specified that the use of Ripple has been activated and expressing their satisfaction for this step forward in innovation and adoption of blockchain technologies:
Have you seen this?
Akbank Turkey transfer with Ripple pic.twitter.com/G4PtAiTQak
— bluemellon (@iamazla) December 15, 2018
Great news for Xrp. The Turkish Akbank have started to send money via blockchain to UK Santander. Congratulations Xrp hodlers and a big thanks for Turkish Akbank. I love you Turkey and Akbank.
— Zafer (@Zafer019191601) December 15, 2018
This week we saw 5 financial insitutions joining Ripplenet or expanding its use to new corridors for cross border payments.
— Leonidas (@LeoHadjiloizou) December 15, 2018