Ripple, a major player in the financial industry, has recently made some impressive partnerships with Uphold, Microsoft, and Bank of America, particularly in the field of cross-border payments. Join us as we explore the significance of Ripple’s latest venture with the National Bank of Georgia to advance the Digital Lari pilot.
Ripple’s collaboration with the National Bank of Georgia for the Digital Lari pilot is a remarkable achievement for several reasons. It shows Ripple’s excellence in Central Bank Digital Currencies (CBDCs) and establishes the company as a trusted CBDC technology partner.
The Digital Lari pilot project could open doors to more partnerships with central banks worldwide, strengthening Ripple’s role in shaping the future of digital currencies and cross-border payments globally.
So, what’s next for Ripple with this partnership?
After making a name for itself in cross-border payments, the Digital Lari project is a game-changer for Ripple. Ripple was selected as the technology partner after a rigorous evaluation process. Out of nine shortlisted companies, Ripple stood out because of its technical expertise, vast experience, and unwavering dedication to the project’s success. This marks a major milestone in Ripple’s journey toward CBDC innovation.
Ripple has consistently been at the forefront of financial innovation globally. The company recently received recognition from Currency Research for its contributions to CBDC innovation and sustainability. This achievement highlights Ripple’s commitment to advancing digital currency solutions. The partnership with the National Bank of Georgia is another strategic move for Ripple as it aligns itself with organizations exploring CBDC implementation.
In the past, Ripple also teamed up with Colombia’s Central Bank, Banco de la República, to explore blockchain technology for their Digital Peso pilot, using the Ripple CBDC Platform.
James Wallis, VP of Central Bank Engagements at Ripple, also emphasized the importance of this partnership.
“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.”
In other exciting news, Ripple has recently released its Q3 2023 XRP Market Report, sharing valuable insights from the third quarter. Notably, XRP now makes up 5% of trade volume on U.S. exchanges, with Binance, the world’s largest exchange, contributing around 60% of XRP’s trading volume during the quarter. The report also highlights a remarkable spike in volume, reaching $4 billion on July 13, coinciding with a crucial court ruling.
Read More: Ripple’s Q3 2023 Report: 892 Million XRP Sold, Bullish Sign for Crypto?
Despite some ups and downs, XRP’s daily trading volumes stabilized in the $300-400 million range by the end of the quarter. This report underscores XRP’s resilience and its increasing influence in the cryptocurrency market. As long as everything goes as planned, Ripple’s growth prospects should not be significantly affected by the SEC’s penalty of $770 million.
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