Ripple Labs Inc., a crypto payments firm, and the National Bank of Georgia are working together on a new payment solution that blends blockchain technology with traditional finance. They are currently in discussions, exploring possibilities beyond their initial Digital Lari project.
Ripple has been broadening its use cases with national banks, showing a strengthening collaboration in financial innovation.
Exploring Collaboration: Ripple Labs and National Bank of Georgia
Antony Welfare, a Central Bank Digital Currency (CBDC) Advisor at Ripple Labs, has revealed that Ripple’s Vice President James Wallis and Alistair Brown from EPAM Systems are actively engaging with the National Bank of Georgia (NBG). Their discussions focus on exploring avenues for collaboration in digitizing Georgia’s economy.
Source: X
Ripple’s role as the technological partner for NBG’s CBDC pilot project, the Digital Lari, underscores the depth of these conversations. After a rigorous selection process involving nine companies, Ripple emerged as the preferred partner based on its technological prowess, maturity, and relevant experience.
The partnership aims to execute and deliver the Digital Lari pilot program using Ripple’s CBDC Platform, which was recently launched. This platform will enable the assessment of potential use cases for the Digital Lari, evaluating its benefits for the public sector, businesses, and retail users alike.
Ripple’s Expansion into Latin America: Collaborations with Colombia’s Central Bank
Colombia’s Central Bank, Banco de la República, has previously partnered with Ripple to explore blockchain technology applications for its Digital Peso pilot program. This collaboration utilized Ripple’s CBDC platform and involved the Ministry of Information and Communications Technologies (MinTIC) along with blockchain technology firm Peersyst Technology. The primary objective was to assess the potential efficiencies offered by blockchain solutions within the framework of a CBDC platform.
Ripple’s proactive involvement and success in these initiatives were recognized with an award during the 2023 Digital Currency Conference hosted by Currency Research. The accolade celebrated Ripple Labs for its contributions to advancing digital currency and for its commitment to sustainability initiatives.
The ongoing discussions between Ripple’s Vice President James Wallis and the National Bank of Georgia indicate a potential expansion of Ripple’s services in the region. This suggests that Ripple may be gearing up to introduce more innovative use cases tailored to the Georgian market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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