Blockchain-San Francisco Business Provider Ripple launched a central bank digital currency hackathon with a total prize pool of $197,000 to promote the development of retail CBDC solutions, financial inclusion and interoperability.
Ripple Launches CBDC Competition
Dubbed CBDC Innovate, the event will allow developers to build applications running on Ripple’s open-source decentralized blockchain, the XRP Ledger (XRPL).
Participants must develop or update a fintech or payment solution in one of three categories. The first category focuses on interoperability, and developers are expected to submit a solution that allows CBDC to interact with other digital assets such as non-fungible tokens and stablecoins.
The second category focuses on retail and participants are expected to build an interface that allows users to interact with a CBDC. The last category includes financial inclusion, and developers are expected to submit a solution that can take advantage of such digital currency.
According to the hackathon page, participants must submit their solutions on or before August 25, 2022, and winners will be announced on September 8. The competition is open to developers in all regions except Brazil, Crimea, Cuba, Iran, North Korea, Quebec, Russia and Syria.
Ripple Continues to Invest in CBDC Innovation
Ripple has continued to invest heavily in CBDC solutions as more countries consider launching such products. The company has a dedicated platform based on XRP ledger technology that enables central banks to mint, manage, settle and destroy CBDCs.
Ripple has worked with several countries and banks to experiment with CBDC solutions. In September 2021, it partnered with Bhutan to pilot the country’s CBDC. The collaboration enabled Bhutan to take its digital currency on Ripple’s CBDC platform for retail, cross-border and wholesale payments.
In November, the company partnered with the Republic of Palau to research and develop strategies for the country’s first digital currency.
Earlier this year, Ripple partnered with the Digital Euro Association (DEA) to share information and technical expertise on CBDCs.
Ripple plans to exit US if SEC wins
Meanwhile, the San Francisco-based blockchain company plans to exit the United States if it loses its ongoing lawsuit with the Securities and Exchange Commission (SEC). As previously reported, the regulator claimed that Ripple raised $1.3 billion by issuing unregistered securities through the sale of XRP.
It is not yet clear when the process will end. Ripple CEO Brad Garlinghouse believes the issue could be resolved before the end of the year.
Source: Crypto News Deutsch