Ripple, a San Francisco-based enterprise Blockchain provider, has launched a central banking digital currency hackathon, with a total prize pool $197,000, to encourage the development of solutions in retail CBDCs, financial inclusion and interoperability.
Ripple Launches CBDC Contest
CBDC Innovate is a conference that will enable developers to create applications on Ripple’s open-source, decentralized blockchain, the XRP Ledger.
The contestants must create or update a fintech payment solution or build a new one in each of the three categories. Interoperability is the first category. Developers are required to submit a solution that allows CBDC interoperability with other digital assets like stablecoins and non-fungible tokens.
The second category is retail-facing. Contestants will need to create an interface that allows users interact with a CBDC. Developers are required to submit solutions that will allow financial inclusion.
The hackathon page states that competitors must submit their solutions by August 25, 2022 or earlier. Winners will be announced September 8. All regions are eligible to participate in the competition, except for Brazil, Crimea and Cuba, Iran. North Korea. Quebec. Russia.
Ripple continues to invest in CBDC Innovation
As more countries look to launch CBDC products, Ripple continues to invest in CBDC solutions. Ripple has a dedicated platform that uses the XRP Ledger technology to allow central banks to manage, transact, mint, and destroy CBDCs.
Ripple has collaborated with banks and countries to test CBDC solutions. It partnered with Bhutan in September 2021 to pilot its CBDC. This collaboration enabled Bhutan to use Ripple’s CBDC platform to manage its digital currency for wholesale, cross-border and retail payments.
The company joined forces with Republic of Palau in November to develop and explore strategies for developing a digital currency.
Ripple partnered with the Digital Euro Association (DEA), earlier this year to share information and technical expertise on CBDCs.
Ripple plans to leave the U.S. in the event that the SEC wins
The San Francisco-based blockchain company has plans to leave the United States in the event it loses its legal battle with Securities and Exchange Commission. The regulator claimed that Ripple raised $1.3 Billion by issuing unregistered securities via the sale of XRP.
Although it’s not clear when the case will be closed, Ripple CEO Brad Garlinghouse thinks the matter could be resolved before year end.
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