- The National Bank of Georgia collaborates with Sovereign Wallet’s MetaMUI Blockchain for their ambitious Digital GEL CBDC project.
- This partnership might introduce the first CBDC initiative that deviates from traditional cryptocurrency-based blockchain technologies.
As reported by Cointelegraph, the National Bank of Georgia (NBG) has made notable strides in its Digital Lari (GEL) pilot project, ultimately selecting Sovereign Wallet’s MetaMUI Blockchain from a group of potential technology partners. This partnership followed an intensive evaluation of eight other contenders during the Digital GEL CBDC project’s second testing phase.
Advanced Features of the Digital GEL Project
The Digital GEL project is among the more forward-thinking CBDC endeavors globally. It seeks to harness the cutting-edge capabilities of contemporary CBDC technologies. This includes integrating the dual functionality of asset tokenization with payment tokenization. Furthermore, the project emphasizes the importance of digital identity and digital signatures.
MetaMUI’s Differentiating Attributes
Notably, the Digital GEL project stands out as potentially the inaugural CBDC initiative that moves away from the blockchain technologies originally rooted in cryptocurrency. Designed with the specific requirements of CBDC and other monetary transactions in mind, MetaMUI Blockchain is a completely revamped mainnet project. This unique framework facilitates simultaneous transaction processing, ensuring immediate payment validation and unrestricted scalability.
Phantom Seokgu Yun, the visionary CEO at the helm of Sovereign Wallet, remarked,
“MetaMUI aligns seamlessly with the objectives of NBG’s Digital GEL CBDC project. We proudly present the next-gen features of CBDC, encompassing direct peer-to-peer exchanges of digital assets with e-currency—even in offline scenarios.”
It’s worth noting that earlier in the year, the MetaMUI blockchain played a pivotal role in releasing a detailed guide about offline payments using CBDC, as part of the BIS Polaris project.
About Sovereign Wallet Co., Ltd.
Positioned at the forefront of fintech innovation, Sovereign Wallet Co., Ltd. is a trailblazer dedicated to crafting foolproof and streamlined digital financial solutions. Their unwavering zeal for redefining the digital finance landscape fuels their mission to introduce game-changing solutions.