Ripple (XRP) has been constantly partnering with different financial and banking companies all over the world. However, the strategy which it has adopted in Israel seems to be different. Recently, Ripple (XRP) tied up with the financial services company in Israel. The name of the company is GMT. The difference between this tie-up and the others which ripple (XRP) has done with other companies globally is quite stark.
Will Ripple’s strategy to go local work?
Normally, when Ripple (XRP) ties up with any company, it works on the back end. Companies do not actively let their clients know that they are using ripple it in order to initiate the transfer’s. That is because Ripple (XRP) more or less acts as a backend service provider rather than a partner. However, in Israel it has chosen its local representative.
This also clearly underscores how important Israel market is for Ripple (XRP). There are hardly any other similar deals which have been done by ripple (XRP). Owing to this very reason, it indicates how important Middle East is to Ripple (XRP). Ripple (XRP) has become quite popular in US as well as Europe. Similarly, it is gaining more and more prominence in Asia as well. In Middle East and Africa however it is lacking. That is why, Ripple (XRP) went a step further this time in order to gain the proper visibility. With the help of the network which has been created by GMT, it will be able to build its brand over a period of time.
At the same point in time, GMT will use RippleNet products. Thus, it is a win-win situation for GMT as well as ripple (XRP). It will allow ripple to become much more credible in the Middle East. Thus, this time around Ripple (XRP) seems to have taken a step further than just offering RippleNet products to GMT. In the future the strategy might get rich dividends for Ripple (XRP).