Ripple Labs Inc is a digital currency payment company announced The CBDC Innovate Challenge is a hackathon for developers who can create XRP Ledger powered payment solutions that are compatible with Central Bank Digital Currency technology.
Star prize of $150,000 is at stake. The company, well-known for its cross border payment solutions, stated that submissions will need to be focused on use cases as well as interoperability around CBDCs.
CBDCs have become mainstream. 9/10 of them are. Central Banks According to a BIS survey, there are many people who are exploring new forms of money around the world. There will be many CBDCs in the future, making it a challenge to get them all interoperable for international transactions and trade.
Ripple CBDC Innovate Challenge will provide insight into innovative solutions that can help these new forms money work better. According to the company, participants will need to work on interoperability, retail-facing and financial inclusion innovation.
Interoperability will require that participants focus on the systems CBDCs can connect with each other and a wallet that can store multiple CBDCs. Designing solutions should focus on retail users. However, it is important to also include creative solutions that aid financial inclusion such as P2P lending.
Ripple Labs, a prominent player in blockchain payments, is being approached by many governments, including Palau, Bhutan, to assist in developing sustainable CBDC solutions. Ripple Labs is on track to gain broad-based insights from the submissions, whether or not it plans for integration of the winning solutions.
Submissions are due September 8th through October 31st. Pitch demo judging takes place from November 1 to November 4 and announcements of winners take place from November 16 to 18.
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