In recent reports, Ripple, the leading blockchain firm in the fintech industry and GMT, the largest financial services firm with 250 branches, have walked into a partnership to mutually benefit the remittance sector. The Israeli firm will act as a representative for Ripple in the country to give it a global edge.
On its official website, GMT wrote that Ripple chose the company as its partner after a long process wherein the goal was to create a globally knitted financial system with new advancements. In GMT’s words:
“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”
Furthermore, GMT will be connecting its business with several international partners of Ripple, such as AmericanExpress, MoneyGram, AKBANK, Earthport, CIBC and many more.
In terms of global adoption and partnerships, Ripple has shown much progress this year. Starting from the most recent achievement, XRP, the digital asset created by Ripple was chosen as the first settlement mechanism for Corda settler.
In another success story, Ripple executives were found to be interacting and agreeing on some regulatory framework-related points with the official of the International Monetary Fund [IMF].
Recently, Christine Lagarde, the IMF Chief delivered a speech wherein she admitted the fact that money, as we see at present, is changing. This was spoken in the context of the introduction of digital assets in the fintech space and the blockchain technology otherwise.
Furthermore, international banks such as Siam Commercial Bank, Thailand is also using Ripple’s technology as they recently integrated the multi-hop feature of RippleNet to their advantage. In fact, one of the products of RippleNet, xRapid, a product which was built to suit the requirements of speed and cost-effectiveness in the remittance sector also saw commercial adoption this October.
With all that is going for Ripple, the blockchain technology and the cryptocurrency space is also being benefited through widespread adoption.
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