Sovereign Wallet, a Korean Blockchain company headquartered in Singapore, was finally selected as a technology partner for the National Bank of Georgia (NBG), (reference: The National Bank of Georgia plans to select a single Technology Partner for the Digital GEL pilot project).

The National Bank of Georgia (NBG) has made significant progress in its Digital Lari (GEL) pilot plan. The bank ultimately selected Sovereign Wallet’s MetaMUI Blockchain as a potential technology partner, along with eight other companies in the second testing phase of the Digital GEL CBDC project.

NBG’s Digital GEL project is one of the most ambitious CBDC projects. It aims to explore many advanced features of modern CBDC technologies, including the combined operation of the tokenization of assets and the tokenization of payment, along with digital identity and digital signatures.

Digital GEL project could be the first CBDC project that departs from cryptocurrency-originated blockchain technologies. MetaMUI blockchain is the blockchain mainnet project completely rewritten to fit the needs of CBDC and other financial transactions. It allows parallel processing of transactions and provides instant payment confirmation and unlimited scalability.

Phantom Seokgu Yun, CEO of Sovereign Wallet, who leads the MetaMUI Blockchain, said:

“MetaMUI is a perfect fit for NBG’s Digital GEL CBDC project. We offer the most advanced features of CBDC such as direct peer-to-peer transactions of swapping digital assets with digital currency. We can even do this in offline settings.”

Sovereign Wallet’s MetaMUI blockchain also participated in publishing a comprehensive handbook on offline payments using CBDC of the BIS Polaris project in May this year. (reference: https://www.bis.org/publ/othp64.htm).