Ripple offers $197,000 in rewards to developers who create CBDC solutions
Ripple is announcing a CBDC Innovation Challenge, offering rewards of up to $197K for developers to build applications capable of running on the XRP Ledger.
The company behind cryptocurrency XRP on Monday announced the opening of a challenge to encourage the creation of payment solutions focused on interoperability and financial inclusion in the XRP Ledger CBDC sandbox.
The deadline for the first batch of applications is set for August 25th, as per Ripple’s tweet:
Today, we're launching the CBDC Innovate challenge – with a total prize pool of $197k!— Ripple (@Ripple) June 27, 2022
Participants will use our #XRPL #CBDC sandbox to drive financial inclusion, interoperability, and retail payments solutions.
Initial round submissions due August 25. https://t.co/nQPlRu8c57
Competitors are expected to build or upgrade a financial solution that makes use of a digital state currency and can run on Ripple’s payment protocol. The XRP Ledger is advertised as a public and decentralized blockchain because anyone can connect their computer to the peer-to-peer network that manages the database, but there is a company responsible for the structure.
In September 2021, Ripple announced its partnership with the Central Bank of Bhutan, the Royal Monetary Authority (RMA), which will employ a Ripple digital currency solution to pilot a staged CBDC.
This move, according to Ripple, was driven by the nation’s ambition to improve digital and cross-border payments, scale up financial inclusion initiatives and deepen its commitment to sustainability.
Ripple’s CBDC effort aims to advance collaborations in Palau and Bhutan, as well as ongoing discussions around the world on the development of central bank digital currencies.