Israeli financial services firm GMT joins Ripple’s blockchain network

GMT, Israel's leading financial services firm, has announced that it has joined Ripple’s blockchain network and has been chosen to be the latter’s representative in Israel.

Founded in 2012, Ripple is a U.S.-based fintech company, which has developed an advanced system for international money transfers based on blockchain technology. The company is backed by well-known names in the industry including Accenture, Santander InnoVentures, Seagate Technology, Digital Currency Group and many others.

GMT has joined RippleNet, Ripple’s enterprise blockchain network with over 100-member banks and financial institutions. It is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and others, who are already authorized to use Ripple’s platform.

GMT said that it was chosen to be the representative of Ripple in Israel after a “long and precise” process.

“This partnership is establishing GMT’s place in the forefront of the Israeli Fintech industry, also allowing us to work side by side with some of the leading companies in the world,” GMT said.