Ripple’s recent partnerships with Uphold, Microsoft, and Bank of America have cemented its position as a global financial powerhouse, particularly in cross-border payments. Its most recent collaboration with the National Bank of Georgia to advance the Digital Lari pilot is significant for several reasons. It showcases Ripple’s expertise in Central Bank Digital Currencies (CBDCs) and positions the company as a trusted CBDC technology partner.
Implementing the Digital Lari pilot could lead to further collaborations with other central banks, solidifying Ripple’s role in shaping the future of digital currencies and cross-border payments globally.
So the question arises: how and why is it a landmark project for Ripple? Is the company eyeing something more significant with the partnership?
Out of 9, Ripple was Selected for Technological Prowess
After establishing its foot in the cross-border payment system, the project Digital Lari is the cherry on the cake. Ripple’s selection as the technology partner followed a rigorous evaluation process. Out of nine shortlisted companies, Ripple stood out based on its technological prowess, experience, and dedication to the project’s success. This marked a significant milestone in Ripple’s journey towards CBDC innovation.
CBDC Platform Recognition: Why is it Buzzing At this stage?
Ripple has been at the forefront of financial innovation worldwide. Recently, the company received recognition from Currency Research for its contributions to CBDC innovation and sustainability. It also underscores Ripple’s commitment to advancing digital currency solutions. This partnership with the National Bank of Georgia is another strategic step for Ripple in aligning itself with entities exploring CBDC implementation. Previously, Ripple collaborated with Colombia’s Central Bank, Banco de la República, to explore blockchain technology for their Digital Peso pilot, leveraging the Ripple CBDC Platform.
“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,” said James Wallis, VP of Central Bank Engagements at Ripple.
Ripple’s Q3 Report is Also Making News!
In other news, Ripple recently published its Q3 2023 XRP Market Report, revealing significant insights about the third quarter. Notably, XRP now accounts for 5% of trade volume on U.S. exchanges. Binance, the world’s largest exchange, contributed around 60% of XRP’s trading volume during the quarter. The report also highlighted a remarkable spike in volume, reaching $4 billion on July 13, coinciding with a crucial court ruling.
Despite fluctuations, XRP’s daily trading volumes stabilized in the range of $300-400 million by the quarter’s end. This report underscores XRP’s resilience and growing influence in the crypto market. Since All is well, hope SEC’s penalty phase of $770M doesn’t impact Ripple’s growth prospects.