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.<\/p>\n
According to a public announcement<\/a> published by GMT, both companies share similar business philosophies, something that helped them reach beneficial terms after a prior discussion process:<\/p>\n “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.<\/p><\/blockquote>\n 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.<\/p>\n “GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.<\/p>\n 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.”<\/p><\/blockquote>\n At the moment it is not known whether GMT will use xCurrent, xRapid<\/a> 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used by most banks and payment processors worldwide, has recently been attacked by many industry experts for being “outdated” and “obsolete.”<\/p>\n 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<\/p>\n The announcement appeared in the bank’s official Twitter account<\/p>\n Direkt Bankac\u0131l\u0131k Genel M\u00fcd\u00fcr Yard\u0131mc\u0131m\u0131z Tolga Uluta\u015f: \u201cAkbank\u2019tan Santander UK\u2019e Ripple \u00fczerinden blockchain altyap\u0131s\u0131 ile GBP para transferleri ba\u015flad\u0131.\u201d pic.twitter.com\/IHKh5KZ73J<\/a><\/p>\n — Akbank (@Akbank) December 14, 2018<\/a><\/p><\/blockquote>\nTurkish Bank AkBAnk Successfully Begins Operations Using Ripple Technology<\/h3>\n
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