According to a recent announcement, Ripple has been selected as a potential technology partner by the National Bank of Georgia (NBG) for its second Central Bank Digital Currency (CBDC) pilot project. The CBDC advisor of Ripple, Antony Welfare lauded the partnership announcement, which marks a significant step forward in the development of digital currency systems.

Latest Announcement of National Bank of Georgia

The latest report showed that NBG is making significant strides in its Central Bank Digital Currency (CBDC) project. They have revealed plans to launch a “Limited Access Live Pilot Environment” designed to assess the technological capabilities and practical applications of the CBDC system.

Following thorough research and evaluation, NBG has shortlisted nine companies that possess the necessary technology potential, maturity, capacity, relevant experience, and a strong commitment to the project. These companies include AUGENTIC GmbH, Bitt Inc., Ripple Labs, Inc., and others.

What sets NBG apart is its “technologically agnostic” approach, allowing them to explore various technological solutions offered by these shortlisted companies. Once the selection process concludes, NBG will designate a single technology partner to proceed to the pilot phase.

In this phase, the chosen partner will test the CBDC platform in a live environment and assess its practical use cases. This marks a significant step forward in the development and implementation of the Digital GEL project, demonstrating NBG’s commitment to embracing innovative CBDC solutions.

Ripple’s Expertise In The CBDC Segment

Ripple’s inclusion as a potential technology partner underscores its growing prominence in the CBDC space and its dedication to collaborating with central banks worldwide. The outcome of this partnership has the potential to shape the future of digital currencies and their applications in the global financial landscape.

As Ripple continues to explore CBDC solutions in various countries, its expertise in blockchain technology and cross-border payments remains at the forefront of innovation in the crypto industry.

In addition, several market experts have also shown their support for Ripple’s efforts in the segment. Notably, the project has also bagged awards for its role in the innovation of CBDC.

Meanwhile, Ripple’s Vice President for CBDC Engagement, James Wallis, previously revealed that Ripple is actively engaged with several live projects for CBDC solutions. However, this latest partnership with NBG, if happens, will add to its growing list of collaborations.

The XRP price was up 2% over the past 24 hours and traded at $0.509 on Friday, while its volume fell 5% to $759.30 million. Although the announcement could have triggered some gains in the crypto price, it is expected that the bullish momentum in the broader market has also bumped up its prices.