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Ripple

Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project. 

The collaboration 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. 

Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.

NBG And Ripple Forge Path To Digitalization

According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies. 

Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership. 

As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs. 

Related Reading: PayPal’s $158M PYUSD Stablecoin Market Cap Shaken By SEC Subpoena

With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases. 

Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions

Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries. 

Ripple’s Valuation Soars To $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 launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.

Related Reading: SafeMoon Founders Nabbed After Using Investor Funds To Buy Luxury Cars And Homes

Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.

Overall, 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 utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders. 

Ripple
XRP’s price surge on the daily chart. Source: XRPUSDT on TradingView.com

As of the current update, XRP has reclaimed the $0.600 level and is currently trading at $0.6112, reflecting a 1.3% increase in the past hour. The maintenance of this level as support is crucial for XRP bulls to anticipate additional gains and to restore previously lost levels.

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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