Ripple becomes technology partner of National Bank of Georgia

Monday 6 November 2023 14:08 CET | News

US-based crypto solutions company Ripple has become the technology partner for National Bank of Georgia’s (NBG) digital GEL pilot project.


The decision was made by the committee comprising internal and external experts of the National Bank of Georgia following a competition process, which consisted of two phases: submission of a Project Execution Plan (PEP) by shortlisted candidates in the first phase, and demonstration of their technology solutions in the second. 

The committee has paid attention to a depth of understanding of the project purposes and use cases, as well as full commitment to the project's success, clear project development roadmap, consistent use cases gradual deployment approach, and best practices of business continuity.

Ripple has become the technology partner for National Bank of Georgia’s (NBG) digital GEL pilot project.

Augmenting cross-border payments and CBDC solutions

Ripple is a prominent cross-border payments network, assisting financial institutions in adopting blockchain technology and creating digital assets. Its CBDC platform offers comprehensive solutions to central banks, financial institutions, and governments, demonstrated through ongoing pilot programmes with various countries' governments and central banks.

Officials from NBG said they were pleased to select Ripple as the official technology partner for their Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties. The committee selected Ripple due to its technical excellence and the expertise of its team. They look forward to moving ahead with Ripple and they are grateful to all other participating companies for their interest and efforts in the selection process.

Ripple’s representatives noted that the National Bank of Georgia is taking a global lead in exploring how it can use Blockchain technology to take its economy into the digital era. By harnessing the power of the Ripple CBDC platform, this pilot will pave the way for transformative advancements in the utilisation of blockchain technology within the public and private sectors. Their partnership with NBG demonstrates their commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent Blockchain transactions.

Moving forward, the National Bank of Georgia and Ripple will now jointly plan the project execution and gradual rollout plan.

What does Ripple do?

Using proven crypto and blockchain technology honed over a decade, Ripple’s enterprise-grade solutions are faster, more transparent, and more cost-effective than traditional financial services. Their customers use these solutions to source crypto, facilitate instant payments, empower their treasury, engage new audiences, lower capital requirements, and drive new revenue.

Founded in 2012, Ripple's vision is to enable a world where value moves as seamlessly as information—an Internet of Value. Ripple is one of the only enterprise blockchain companies with products in commercial use. The company’s global payments network includes over 300 customers across 40+ countries and six continents.

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Keywords: CBDC, blockchain, central bank, digital payments, cross-border payments
Categories: DeFi & Crypto & Web3
Companies: National Bank of Georgia, Ripple
Countries: Georgia
This article is part of category

DeFi & Crypto & Web3

National Bank of Georgia



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