National Bank of Georgia (NBG) has appointed leading blockchain payments platform Ripple Labs Inc. as its official technology partner to advance its Central Bank Digital Currency (CBDC) Digital Lari pilot.
As per an official declaration from Ripple, the partnership will utilize the Ripple CBDC Platform for the implementation and distribution of the Digital Lari pilot initiative.
The innovative CBDC platform will evaluate potential Digital Lari use cases to determine its benefits to retail, corporate, and public sector users. Before securing the technology partnership with NBG, Ripple underwent an extensive and stringent selection process.Â
The Georgian Bank intended to advance the CBDC initiative by implementing a Limited Access Live Pilot Environment in September. It consequently decided to select a solitary technology collaborator for the endeavor.
Ripple was one of the nine companies initially shortlisted after a rigorous selection process based on adequate technological prowess, maturation, capacity, pertinent experience, and a willingness to participate in the on-field investigation.
AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and several others were among the listed companies of the fintech industry.
Ripple ultimately proved to be the selected protocol for the Digital Lari initiative. The committee chose Ripple, according to the NBG announcement, after considering several factors, including a comprehensive comprehension of the project’s objectives and use cases, as well as unwavering dedication to its success.
Ripple’s CBDC Platform Grows
The payment institution has maintained an international standing for being at the forefront of financial innovation.
Ripple received the Recognition in Digital Currency Advancement and Best Sustainability Initiative award from Currency Research a few months ago. It was precisely the firm’s contribution to CBDC innovation that earned it the honor.
Before the NBG and its Digital Lari initiative, Ripple had endeavored to position itself strategically in the path of entities interested in investigating the implementation of a CBDC.
Using the Ripple CBDC Platform, the Central Bank of Colombia, Banco de la República, once explored blockchain technology use cases for its Digital Peso pilot in collaboration with Ripple.
