Ripple Strengthens Partnership with National Bank of Georgia to Modernize Local Economy
Ripple, a prominent cryptocurrency company, is enhancing its cooperation with the Republic of Georgia to explore opportunities for digitizing the local economy in collaboration with the National Bank of Georgia (NBG).
The National Bank of Georgia is further exploring collaboration with Ripple and EPAM Systems for digitalization initiatives.
On June 8, Natia Turnava, Acting Governor of the National Bank of Georgia, and Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department, held a meeting with James Wallis, Vice President of Central Bank Engagements at Ripple. The meeting focused on strengthening cooperation in financial technology and digitalization.
In a LinkedIn post, the NBG officially announced the meeting, where Wallis introduced Alistair Brown from EPAM Systems, a key partner of Ripple. EPAM Systems, based in Newtown, Pennsylvania, is renowned for its expertise in software engineering, digital platform engineering, and digital product design.
The meeting explored potential collaboration opportunities to advance the digitalization of Georgia’s economy. This initiative builds on the existing partnership between NBG and Ripple, where Ripple is the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, the digital lari.
Ripple emerged as the preferred partner for the Georgian Bank following a rigorous selection process involving nine companies, based on its technological capabilities, maturity, capacity, experience, and commitment to the initiative.
Ripple’s partnership with NBG involves implementing and delivering the Digital Lari pilot program using the newly launched Ripple CBDC Platform. This platform will assess potential use cases of the Digital Lari and its benefits for the public sector, businesses, and retail users.
Ripple’s Growing Influence: Majority of Japanese Banks Partnered, Expanding CBDC Solutions Worldwide
A recent update from CNF reveals that the majority of banks in Japan have chosen to partner with Ripple for blockchain payment solutions, demonstrating Ripple’s technology’s ability to facilitate faster and more cost-effective transactions.
This global adoption highlights Ripple’s growing influence and sets the stage for new collaborations, including its partnership with Georgia, where Ripple’s advanced blockchain solutions are poised to revolutionize financial systems on a global scale.
Ripple has been collaborating with several countries on similar initiatives, including Bhutan, Montenegro, Colombia, and Palau, to explore CBDC solutions. Its global involvement in CBDC development showcases its significant role in supporting the digital transformation of central banking systems worldwide.
Ripple’s significant contributions to advancing digital currency solutions were recognized during the 2023 Digital Currency Conference, where Currency Research awarded it for its role in the Advancement in Digital Currency and Best Sustainability Initiative.
Currently, Ripple (XRP) is trading at $0.4975, with a slight increase of 0.78% over the past day despite a decrease of 3.60% over the past week.
