Ripple - the Flagship International Company Becomes the Technology Partner for the Digital GEL Pilot Project

Ripple - the Flagship International Company Becomes the Technology Partner for the Digital GEL Pilot Project

02 November, 2023

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 decision was made by the committee comprising internal and external experts of the National Bank of Georgia following a competition process, which consisted of two phases: submission of a Project Execution Plan (PEP) by shortlisted candidates in the first phase, and demonstration of their technology solutions in the second. The committee has paid attention to a depth of understanding of the project purposes and use cases, as well as full commitment to the project's success, clear project development roadmap, consistent use cases gradual deployment approach, and best practices of business continuity.

The company is a leading cross-border payments network that helps financial institutions integrate Blockchain technology and mint digital assets.

Ripple's CBDC platform stands out for its ability to provide central banks, financial institutions, and governments with holistic end-to-end solutions. The company is currently conducting five pilot programs with different countries' governments and central banks.

“We were pleased to select Ripple as the official technology partner for our Digital Lari (GEL) pilot project following a thorough review of all shortlisted parties. The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process”, - Natia Turnava, Acting Governor of the NBG, said.

James Wallis, VP of Central Bank Engagements at Ripple, noted that the National Bank of Georgia is taking a global lead in exploring how it can use Blockchain technology to take its economy into the digital era.

"By harnessing the power of the Ripple CBDC Platform, this pilot will pave the way for transformative advancements in the utilization of Blockchain technology within the public and private sectors. Our partnership with NBG demonstrates our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent Blockchain transactions,” James Wallis said.

Moving forward, the National Bank of Georgia and Ripple will now jointly plan the project execution and gradual rollout plan.