US-based crypto solutions company Ripple has been chosen as the technology partner for the National Bank of Georgia’s (NBG) digital GEL pilot project. The selection process involved a committee of internal and external experts from the NBG, with a two-phase evaluation process. In the first phase, shortlisted candidates submitted Project Execution Plans (PEPs), followed by a demonstration of their technology solutions in the second phase.
The committee took into consideration factors such as a deep understanding of the project’s goals and use cases, a strong commitment to project success, a clear project development roadmap, a gradual approach to deploying use cases, and best practices for business continuity.
Ripple is a prominent cross-border payments network known for assisting financial institutions in adopting blockchain technology and creating digital assets. The company offers comprehensive solutions for central banks, financial institutions, and governments through its CBDC platform. Ripple has ongoing pilot programs with various governments and central banks worldwide.
Officials from the NBG expressed their satisfaction with choosing Ripple as the official technology partner for the Digital Lari (GEL) pilot project, highlighting the company’s technical excellence and the expertise of its team. The partnership aims to explore the potential of blockchain technology to lead Georgia into the digital era and unlock transformative advancements in blockchain technology utilization for both public and private sectors.
Looking ahead, the National Bank of Georgia and Ripple will collaborate to plan and execute the project, gradually rolling it out to achieve their shared objectives.