- Ripple has become the official technology partner for the CBDC project in the Republic of Georgia.
- The decision followed a competitive selection process with eight other tech firms.
- Ripple already works with five other central banks on CBDC pilot programs and is in discussions with over 20 countries for similar initiatives.
Ripple, a blockchain technology business based in San Francisco, has been named the official technology partner for the Republic of Georgia’s central bank digital currency (CBDC) initiative.
Antony Welfare, Ripple’s CBDC Strategic Advisor, announced the news in a recent tweet, citing an official correspondence from the National Bank of Georgia (NBG), the country’s central bank.
The press release began with the following: “Ripple, one of the world’s leading technology companies, becomes the Technology Partner for the National Bank of Georgia’s Digital GEL Pilot Project.”
#CBDC Announcement Number six 🚀
"Ripple, one of the world's leading technology companies, becomes the Technology Partner for the National Bank of Georgia's Digital GEL Pilot Project"
"Ripple has announced five pilot programs with governments and central banks in Bhutan, Palau,…
— Antony Welfare (@AntonyWelfare) November 3, 2023
The National Bank of Georgia stated that the decision to choose Ripple came after hotly fought stages in the selection process. Notably, in the first step, shortlisted candidates were required to submit a Project Execution Plan (PEP), followed by a presentation of their technology solutions in the second phase. According to the report, the review group was made up of internal and foreign experts from the National Bank of Georgia.
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The committee carefully considered factors such as a thorough understanding of the project’s objectives and use cases, unwavering dedication to the project’s success, a well-defined project development roadmap, a gradual deployment approach aligned with consistent use cases, and adherence to best practices for business continuity, according to the NBG report.
Finally, the Georgian central bank awarded Ripple the victory, selecting the company as its tech partner for its CBDC pilot two. Notably, Ripple competed for NBG tech partnership alongside eight other technological organizations. AUGENTIC GmbH, Bitt Inc., Broxus Holdings, Currency Network, DCM Corp, eCurrency Mint Inc., FARI Solutions, and Sovereign Wallet Co. are among them.
It is worth noting that Ripple is now working with five central banks around the world on their separate CBDC pilot initiatives. Bhutan, Palau, Montenegro, Colombia, and Hong Kong are among the countries represented. Georgia’s accession takes the total to six. Meanwhile, Ripple is in talks with more than 20 nations about CBDC ventures.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.