Ripple has been chosen by the National Bank of Georgia (NBG) to be the official technology partner for its Digital Lari (GEL) pilot project. The partnership aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users. The NBG highlighted Ripple’s expertise and commitment to the project’s success as key factors in its selection.
NBG And Ripple Work Towards Digitalization
After a rigorous selection process involving nine shortlisted companies, the NBG decided to partner with Ripple. The company’s “deep understanding” of the project’s objectives, extensive experience in pilot deployments, and comprehensive CBDC solution were instrumental in securing the collaboration. Ripple’s platform provides a holistic end-to-end solution for central banks and financial institutions to mint, manage, transact, and redeem CBDCs.
The NBG will now move into the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases. This partnership aligns with Ripple’s strategy of driving innovation and efficiency in blockchain-based transactions. Ripple has also partnered with other countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong for CBDC pilots and is in discussions with over 20 other countries.
Ripple’s Valuation Reaches $15 Billion
Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed. China and India have already launched CBDC pilots, with China’s pilot being one of the most successful, boasting over 260 million wallets in use. Ripple’s influence in the CBDC space is evident in its valuation, which surpassed $15 billion in 2023 due to its partnerships with multiple governments for CBDC pilots.
Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector. Through the NBG’s evaluation of Ripple’s CBDC platform, they aim to assess the practical applications and benefits of digital currency for stakeholders.
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