As recent meetings between the duo suggest, American blockchain firm Ripple Labs may be looking to strengthen its ties with Georgia. That is according to industry insider Antony Welfare. Antony, who is also an author and the Central Bank Digital Currency (CBDC) Advisor for Ripple Labs, shared that there is a possibility for a potential expansion beyond their existing CBDC pilot project.
Recall that the National Bank of Georgia (NBG) had previously selected Ripple as its technology partner for the Digital Lari pilot program. That is, after it emerged victorious following a tough selection process involving nine companies. With each bringing their A-game in technological expertise, experience, and commitment to the project, Ripple Labs caught the eye of Georgia, ultimately bagging the collaboration. The partnership will see Georgia use Ripple’s CBDC Platform to test the functionalities and potential use cases of the Digital Lari. The pilot will also assess the benefits the digital currency could offer to the public sector, businesses, and individual users.
CBDC Pilot Project Opens Up Deeper Connection Between Ripple and Georgia
Interestingly, the pilot project may have paved the way for an even broader partnership. According to Antony, Ripple representatives, including Vice President James Wallis, have met with officials from the NBG to discuss collaboration opportunities in digitizing the Georgian economy. This means that Ripple could potentially be saddled with an even bigger role in Georgia’s broader digital economic transformation.
For what it might be worth though, this collaboration isn’t Ripple’s first foray into CBDC exploration. The firm worked hand in hand with Colombia’s central bank, Banco de la República, on a similar pilot. Notably, Ripple recorded massive success in that venture that earned it a recognition at the 2023 Digital Currency Conference. The firm received awards for “Advancement in Digital Currency” and “Best Sustainability Initiative” due to its contributions with its CBDC platform.
With a proven track record and expertise, Ripple will undoubtedly keep attracting governments such as Georgia, businesses, and private individuals interested in blockchain technology for financial innovation.
