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Ripple partners with the National Bank of Georgia

Wednesday 12 June 2024 11:30 CET | News

Ripple has partnered with the National Bank of Georgia to explore ways to digitise the country’s local economy.

 

Representatives from the National Bank of Georgia convened with Ripple executives to discuss enhancing cooperation in financial technology and digitalisation. The Georgian central bank officially announced the meeting on 8 June 2024 through a LinkedIn post. During the meeting, Ripple's vice president of central bank engagements introduced a representative of Ripple’s partner EPAM Systems, to the Georgian officials. 

EPAM Systems, headquartered in Newtown, Pennsylvania, specialises in software engineering services, digital platform engineering, and digital product design. The collaboration builds upon the existing partnership between the NBG and Ripple, particularly in the digitalisation of the Georgian economy. Ripple serves as the technological partner for the NBG’s pilot Central Bank Digital Currency (CBDC) project, known as the digital lari. 

The NBG initiated its CBDC research in September 2023, inviting nine companies, including Ripple Labs, to participate in the digital lari project. Subsequently, Ripple Labs was selected as the official technology partner for developing the digital lari.

 

Ripple has partnered with the National Bank of Georgia to explore ways to digitise the country’s local economy.

 

Ripple's CBDC initiatives 

Ripple’s involvement in CBDC initiatives extends beyond Georgia. The company has been engaged in CBDC pilots in various nations, including Colombia, Bhutan, Palau, Montenegro, among others. In late 2023, Ripple reiterated its public support for global CBDC development in a 23-page white paper, emphasising the need for CBDCs to facilitate the transformation of tangible assets into digital tokens stored on the blockchain. 

According to cointelegraph.com, while Ripple and similar companies advocate for CBDC development, some critics raise concerns about potential drawbacks associated with CBDCs, such as privacy issues and government surveillance.

Other developments from Ripple 

In June 2024, Ripple announced a new partnership with Clear Junction, a global provider of cross-border payment solutions for regulated institutions. The collaboration aimed to facilitate instant and secure GBP and EUR-denominated payouts for Ripple’s payment customers.  

Moreover, the partnership was seen as a strategic fit, with Clear Junction already supporting Ripple's use cases and possessing strong relationships with many of Ripple's existing clients. Both parties expressed optimism about the collaboration, viewing it as a step towards augmenting their respective products and services.


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Keywords: partnership, digitalisation, banks, financial services
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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Ripple

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