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GMT, Israel’s largest and leading financial services firm with 250 branches across the country has been selected to be Ripple’s representative in Israel. The decision, according to GMT came after “a long and precise process” by Ripple, a San Francisco based firm widely known for its efficient cross-border tools.
The financial services firm says it is joining Ripple among other partner to design a global financial system framework with sophisticated values and technology. The system is seamless, affordable and transparent.
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform,” a post by GMT reflects.
GMT specialises in local and international remittance services, medical insurance for tourists and foreign workers, foreign exchange, prepaid card, and other financial services for foreign workers and Israelis.
The firm was founded in 2001, and placed among the first high-tech companies in the financial industry perfecting international money transfer services.
Ripple In The Remittance World
Ripple is a big start up coasting the remittance industry. With its spearheaded digital currency XRP unveiled, Ripple completely solved the age-long woes noticed during cross-border remittance.
As XRP stays at the second position in the cryptocurrency space toppling Ethereum which has been there for long, the digital currency have a brighter future in the space.
No doubt XRP is the king of altcoins and may soon be the world’s top digital currency. Nothing is behind this than the partnerships that the firm is sealing and its newly launched xRapid, a remittance tool that survives on XRP.
Now Ripple has over 150 partners and still hopes to add more to its ecosystem in the nearest future. Meanwhile, Brad Garlinghouse, Ripple’s CEO hopes to partner with more than half of world’s top banks in the next five years.