The National Bank of Georgia (NBG) has chosen leading blockchain payments platform Ripple Labs Inc as the official technology partner for Digital Lari, its Central Bank Digital Currency (CBDC) project.
Selection of partners for the Digital Lari pilot
According to a statement released by Ripple, the collaboration will involve the execution and delivery of the Digital Lari pilot program using the Ripple CBDC platform. The new CBDC platform will be used to evaluate potential use cases for Digital Lari to determine the benefits it brings to the public sector as well as businesses and retail users.
Before becoming a technology partner of NBG, Ripple went through a rigorous selection process.
In September, Bank of Georgia announced its plans to move forward with its CBDC project by introducing a limited-access live pilot environment. Consequently, he decided to choose a single technological partner for the venture.
To begin with, nine companies were selected, which were carefully selected based on sufficient technological potential, maturity, capacity, relevant experience and desire to enter the field exploration, Ripple being one of them. The fintech company was listed among companies like AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited and a few others.
In the long term, Ripple emerged as the protocol of choice for the Digital Lari project. According to NBG’s announcement, Ripple was selected after the committee paid attention to a few factors, including a deep understanding of the project’s purpose, use cases, and full commitment to the project’s success.
Adoption of Ripple’s CBDC platform grows
Globally, the payments company has maintained a reputation for being an innovator when it comes to financial innovation.
A few months ago, Currency Research awarded Ripple for its role in advancing the digital currency and the best sustainability initiative. Precisely, the award was given to the company for its contribution to CBDC innovation.
Prior to NBG and its Digital Lari project, Ripple had made an effort to strategically position itself in the path of entities wishing to explore implementing a CBDC. The Central Bank of Colombia, Banco de la República, has already collaborated with Ripple to explore use cases of blockchain technology for its Peso Digital pilot, using Ripple’s CBDC platform.