Ripple Makes Headway into Israel as Fintech Giant GMT Joins Ripple Network

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  • GMT says its selection to represent Ripple in Israel follows a long and precise process
  • Ripple’s blockchain-based cross-border payments solution has seen significant adoption in recent times
  • Ripple report more than 100 nations globally have integrated RippleNet into their operations

GMT, Israel’s leading financial services company with more than 250 branches across the region, has reportedly joined Ripple, the distributed ledger technology  firm behind the XRP altcoin, to function as the latter’s Israeli representative.

Per sources close to the matter, GMT, the largest financial services company in Israel, has announced its successful selection as Ripple’s Israeli representative, after what the firm calls a “long and precise” process.

With offices in various parts of the globe, including in New York, London, Sydney, India and others, Ripple is slowly but steadily becoming a global blockchain heavyweight indeed.

It’s worth noting that quite a lot of firms have adopted Ripple’s cross-border payments solutions in recent times and this latest development has successfully added GMT to the growing list of firms who have joined the blockchain technology bandwagon via Ripple, including AmericanExpress, CIBC, Earthport and others.

At a time when traditional financial institutions still find it hard to facilitate superfast and cost-efficient international payments, forward-thinking firms have started exploring better ways to send global payments.

As reported by Blockchain Reporter earlier in November, MUFG Bank, which is Japan’s largest lender reportedly hinted it was experimenting with Ripple’s cutting-edge payments technology, in collaboration with Brazil’s Banco Bradesco S.A.

Since Satoshi Nakamoto built the world’s first cryptocurrency Bitcoin a decade ago, the revolutionary technology has gained significant popularity across different sectors of the global economy, including in finance, healthcare,   supply chain and entertainment.

Commenting on the latest development, GMT made it clear that it firmly believes its partnership with Ripple would further cement its status as a leader in the Israeli fintech world, while also enabling it to work with some highly reputed blockchain-based organizations globally.

Interestingly, while the capabilities of the nascent DLT has been confirmed by a significant number of firms, some still have reservations towards blockchain technology.

On November 19, 2018, Taavet Hinrikus, the chairman of TransferWise,  a London-based payments firm reportedly said that he sees no point integrating Ripple’s payments solutions or any other blockchain-powered solution into its system, adding that its existing technology is cheaper, faster and easier to use.