Ripple Strengthens Collaboration with National Bank of Georgia to Modernize Local Economy
Ripple, a prominent cryptocurrency company, is enhancing its partnership with the Republic of Georgia to explore ways to digitize the local economy in conjunction with the National Bank of Georgia (NBG).
The National Bank of Georgia is furthering its collaboration with Ripple and EPAM Systems for initiatives in digitalization.
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, met with James Wallis, Vice President of Central Bank Engagements at Ripple, to discuss enhancing cooperation in financial technology and digitalization.
In a recent 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, specializes in software engineering, digital platform engineering, and digital product design.
The meeting focused on potential collaboration opportunities to advance the digitalization of Georgia’s economy, building upon the existing partnership between NBG and Ripple. Ripple is the technological partner for NBG’s pilot Central Bank Digital Currency (CBDC) project, the digital ari.
Ripple emerged as the preferred partner for the Georgian Bank due to its technological expertise, maturity, capacity, relevant experience, and commitment to the initiative after a rigorous selection process involving nine companies.
Ripple’s partnership with NBG includes implementing and delivering the Digital Lari pilot program using the recently launched Ripple CBDC Platform to explore potential use cases and benefits for the public sector, businesses, and retail users.
Ripple’s Growing Influence: 80% of Japanese Banks Partnered, Expanding CBDC Solutions Globally
An update from CNF in June revealed that 80% of banks in Japan have chosen to partner with Ripple for blockchain payment solutions, showcasing Ripple’s ability to facilitate faster and more cost-effective transactions.
Ripple’s global involvement in CBDC development demonstrates its significant role in supporting the digital transformation of central banking systems worldwide, including partnerships with countries like Bhutan, Montenegro, Colombia, and Palau.
Ripple’s 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, showing a slight increase of 0.78% over the past day despite a decrease of 3.60% over the past week.