Ripple, a prominent cryptocurrency company, recently announced the revival of its CBDC Innovate Challenge. This contest is specifically designed to stimulate the development of diverse applications for so-called "state cryptocurrencies."
Gamza KhanzadaevIndividual and enterprise developers will be granted the opportunity to create CBDC applications and compete for substantial prize money. The primary objective of the challenge is to encourage the creation or enhancement of fintech and payments solutions utilizing Ripple's service.
The challenge itself comprises two distinct phases: Phase I involves building an application on the public XRP Ledger, while Phase II focuses on constructing applications on Ripple's Private CBDC Platform.
What makes this competition particularly noteworthy is the esteemed lineup of judges. Esteemed professionals from renowned institutions such as Mastercard, Bank of Finland, Digital Euro Association, DXC Technology, Amazon Web Services, BIS, PwC and The Digital Dollar Project will collaborate with Ripple to select the most innovative solutions.
The involvement of these influential figures from the worlds of finance and technology demonstrate both the seriousness of Ripple's intentions and the company's ability to establish valuable partnerships.
The company is presently engaged in conversations with various central banks worldwide, seeking to gain insights into their objectives and explore how Ripple's CBDC Platform can assist in achieving them. The CBDC Innovate Challenge, therefore, serves as a catalyst to promote creative thinking, development and exploration of novel applications and use cases.
Godfrey Benjamin
Yuri Molchan