In a major development on November 2, the National Bank of Georgia (NBG) announced its collaboration with Ripple, designating the renowned blockchain technology company as its official partner for the Digital Lari (GEL) pilot initiative. This strategic partnership marks a significant leap forward in the exploration of blockchain technology’s potential in the realm of national digital currencies.
The crypto protocol emerged victorious after a rigorous selection process that involved nine carefully vetted companies. The selection criteria focused on evaluating the firms’ capabilities to support the pilot project. Its technical prowess and the expertise of its team distinguished it, securing its position as the technology partner of choice for the NBG.
Natia Turnava, expressing satisfaction with the selection, stated, “We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties.”
Ripple’s CBDC Platform: Driving Transformative Progress
Ripple’s Central Bank Digital Currency (CBDC) solution, the Ripple CBDC Platform, stands as a comprehensive end-to-end solution tailored for central banks, financial institutions, and governments. This innovative platform facilitates the seamless minting, management, transactions, and redemption of Central Bank Digital Currencies. Notably, this technology operates on the energy-efficient and open-source XRP Ledger (XRPL) blockchain.
James Wallis highlighted the groundbreaking nature of the partnership, emphasizing the transformative potential of the protocol’s CBDC Platform in the public sector. This collaboration signifies a dedication to innovation, efficiency, and empowering entities through secure and transparent blockchain transactions.
Ripple’s Expertise and Global Engagements
The NBG’s selection of Ripple was based on the company’s profound understanding of the project’s objectives and use cases, along with its unwavering commitment to project success, sustainable business continuity, clear project development roadmap, and gradual deployment approach to use cases. Additionally, the protocol’s extensive experience in real-life pilot project deployments, ranging from primary CBDC digital infrastructure to smart contracts and tokenization, played a pivotal role in the decision-making process.
In addition to its collaboration with the NBG, Ripple is actively engaged in five pilot programs with governments and central banks in Bhutan, Palau, Montenegro, Colombia, and Hong Kong. Moreover, ongoing discussions with over 20 countries worldwide underscore Ripple’s global impact and its role in shaping the future of digital currencies.