- Ripple has become the official technology partner for the CBDC project in 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.
The San Francisco-based blockchain technology firm Ripple has become the official technology partner for the central bank digital currency (CBDC) project to be unfolded in the Republic of Georgia.
Antony Welfare, Ripple’s CBDC Strategic Advisor, disclosed the development in a recent tweet, noting the official communication from the National Bank of Georgia (NBG), the apex bank of the country.
The statement read: “Ripple, one of the world’s leading technology companies, becomes the Technology Partner for the National Bank of Georgia’s Digital GEL Pilot Project.”
The National Bank of Georgia noted that the decision to pick Ripple followed keenly contested phases in the selection processes. Notably, the initial phase involved shortlisted candidates submitting a Project Execution Plan (PEP), followed by a demonstration of their technology solutions in the second phase. Also, the report stated that the review committee comprised internal and external experts from the National Bank of Georgia.
Per the NBG report, the committee carefully considered factors such as a comprehensive comprehension 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 the adherence to best practices for business continuity.
Ultimately, the Georgian central bank granted the victory to Ripple, choosing the firm as its tech partner for its CBDC pilot two. Notably, Ripple contested alongside eight other technology firms for NBG tech partner. They include AUGENTIC GmbH, Bitt Inc., Broxus Holdings, Currency Network, DCM Corp, eCurrency Mint Inc., FARI Solutions, and Sovereign Wallet Co.
It is worth mentioning that Ripple currently collaborates with five central banks across the globe for their respective CBDC pilot programs. It includes Bhutan, Palau, Montenegro, Colombia, and Hong Kong. The addition of Georgia brings the number to six. Meanwhile, Ripple is engaging in discussions with more than 20 countries for CBDC endeavors.
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