Even as the crypto market searches for a bottom, Ripple continues to make major expansion moves across the globe. The company recently made a move in Israel by entering into a partnership with the 5th largest financial institution in the world and the largest bank in Israel, GMT. This is all in a bid to boost the financial industry there and consolidate the company’s dominance in the region.
GMT issued a public announcement stating that both companies share a similar philosophy and this has helped them to reach mutually beneficial terms after discussing in details. Part of the announcement was as follows:
“After a precise and long discussion process, GMT has decided to chose Ripple. By working with Ripple and its partners, we would contribute in creating a global financial system using high-end values and technology that will be affordable and transparent.”
The GMT team was happy with the partnership stating that the use of Ripple’s technology is an innovation that will be imitated by the different fintechs in the region. The announcement continues:
“GMT is joining establishments like CIBC, MoneyGram, AKBANK, MoneyGram and many others who have already started using the Ripple platform. With this partnership, GMT will be establishing its place in the forefront of the FinTech industry in Israel. It will also work hand in hand with some of the leading companies in the world.”
Currently, the company hasn’t talked about which of Ripple’s technology it intends to use. It could be xCurrent, XRP, or xRapid. However, one thing is clear. This partnership is a threat to SWIFT, the current leader in the industry when it comes to making cross border remittance. This is no surprise as SWIFT had suffered a lot of criticisms in recent time. Many experts in the financial world believe the technology is now outdated and should be replaced with emerging technologies like Ripple.
AkBank In Turkey Starts Using Ripple’s Tech
As Ripple cements it relationship with the financial institutions in Israel, it is also making moves in Turkey. One of the major banks in Turkey, AkBank, has just started using Ripple’s xRapid technology. Even if the launch of the technology was just announced, the project has been ongoing for more than 12 months.
Will XRP Get A Boost In Price?
Normally, the effect of such a partnership on the price of XRP will be visible if the partnership makes use of the XRP token. Notwithstanding it is going to go a long way in promote the adoption of Ripple’s technology. The effect on the price will only be visible when the bearish market ends.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the XRP token was trading at XRP was trading at $0.291647. This shows that it is up by 1.68% against the USD and down by 0.61% against BTC. The trading volume over a 24 hour period is $314,831,392 and the market capitalization is $11,936,222,521.
XRP, is attempting a recovery following the slump that took the price below the $0.30 level. BTC, ETH and many other top coins are all trading in green this morning. Hopefully, they will all recover their recent gains against the USD before the coming week runs out.