Crypto payments firm Ripple Labs Inc. and the National Bank of Georgia are likely on the path to launching a new payment solution that will merge blockchain technology and traditional finance.

Ripple to Support Digitization of the Georgian Economy

According to Antony Welfare, an author and the Central Bank Digital Currency (CBDC) Advisor for Ripple Labs, the company’s Vice President James Wallis and Alistair Brown from software engineering service provider EPAM Systems are in close communication with the National Bank of Georgia (NBG).

Great to see James Wallis, VP @Ripple and Alistair brown from our partner @EPAMSystems engaging with the National Bank of Georgia https://t.co/iYnNZZQtEF pic.twitter.com/pzcjwhZkIf

— Antony Welfare (@AntonyWelfare) June 8, 2024

The screenshot that Welfare shared in his update on X highlighted how their discussion centered around exploring potential avenues for collaboration in the digitization of the Georgian economy.

Their conversations stems from the fact that Ripple is the technological partner for NBG’s pilot project on its CBDC, the Digital Lari. Markedly, the blockchain payments firm emerged the favorite after a couple of rigorous processes that involved nine companies. They were all judged based on sufficient technological potential, maturity, capacity, relevant experience, and desire to join the on-field exploration. In the end, Ripple emerged as the best partner for the Georgian Bank.

Ripple’s alliance with the bank involves the execution and delivery of the Digital Lari pilot program using the Ripple CBDC Platform that came alive a while back. The novel CBDC platform will be used to assess potential use cases of the Digital Lari to ascertain the benefits it holds for the public sector, businesses as well and retail users.

The Rise of More Use Cases For Ripple 

Similarly, Colombia’s Central Bank, Banco de la República once collaborated with Ripple to explore blockchain technology use cases for its Digital Peso pilot by utilizing the same CBDC platform.

The partnership involves the Ministry of Information and Communications Technologies (MinTIC) and a specialized blockchain technology firm known as Peersyst Technology. The mission focused on evaluating the potential efficiencies of a solution using the CBDC platform.

This massive endearment towards the Ripple’s services earned the blockchain platform an award about a year ago. During the 2023 Digital Currency Conference, Ripple Labs bagged award from Currency Research for its role in the Advancement in Digital Currency and Best Sustainability Initiative.

Judging by the focus of National Bank of Georgia’s meeting with Wallis, Ripple may be on its way to welcoming more use cases in the region.

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The post Ripple Labs Might Have Something Big Brewing In Georgia appeared first on CoinGape.

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Filed under: News - @ June 8, 2024 2:18 pm