The largest financial services company in Israel, GMT< has recently been selected by Ripple to be its official representant in the country. Ripple, you probably know, is the company that created the XRP token, used in services that are focused on quick cross-border transactions. Basically, Ripple aims to turn its RippleNet into a better version of SWIFT.
Ripple has offices in many countries of the world, including India, Australia, Singapore, Luxembourg and towns like New York and London. Because of this and the essence of cross-border transactions, it is important that the company has offices and partners all around the world.
Now, the company has more than 100 financial institutions partnering with it all over the world and its Ripplenet network is already huge. GMT is now chosen by Ripple to be a part of RippleNet in the country. Basically, the company will be responsible for using its technology to improve the network and to help in the cross-border transactions.
GMT is now set to join other Ripple partners like MoneyGram, AmericanExpress, AKBANK, Earthport and others. Banks like the CIMB Group, which is the fifth largest bank in Southeast Asia and Banc Santander are also very important partners of Ripple.
Ripple has made a lot of progress this year when it comes to partnerships. The company has recently had its XRP token chosen as the first asset to be used on the Corda settlement system. Corda is the technology created by R3, a very high-profile tech conglomerate.
GMT is a Israeli company founded in 2001 and today it sits at the top of the fintech industry of the country, being the largest company of its kind in Israel.
The company has services that cater to both the local and international markets and it is specialized in forex trading and medical insurance for tourists, as well as other businesses.
An official statement from the company has affirmed that GMT is glad to be working with Ripple for the future of Israel and of the blockchain technology, as well as cross-border transfers that can be made with transparency, speed and affordable costs.