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The Ripple network has joined the largest Israeli company in the financial services GMT.

Founded in 2001, the firm only in Israel has 250 branches, with a focus on remittances, health insurance for tourists and foreign workers, exchange of currencies, issuance of prepaid cards and other financial services. Among the partners of GMT, companies such as MoneyGram, American Express, CIBC, Earthport, AKBANK and PrivatBank, some of which are already working with Ripple.

As noted in the GMT statement, the two companies have a similar business philosophy and it helped to reach agreement in the negotiations.

“After a long and thorough process, the company GMT was chosen as a representative of the Ripple in Israel, joining a startup and its partners in creating a global financial system with the use of advanced technologies and such advantages as transparency and affordable prices,” — said in a statement.

At the moment it is unknown what decision the California startup will use GMT — xCurrent or xRapid.

Earlier, the Ripple, the network which unites more than 150 financial institutions have strengthened business ties in other parts of the Middle East. To the network RippleNet is joined by several banks in the Gulf countries, including Kuwait Finance House NCB and the company UAE Exchange from the UAE intends to launch cross-border transfers of technology Ripple. A U.S. startup has announced plans to open an office in the region.

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