Ripple is currently engaged with central banks around the world to better understand their goals and assess how Ripple’s CBDC solution can help them achieve those goals. We believe CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments & transfers, accelerating retail-facing transactions, and promoting inclusive financial frameworks for digital assets.
Over the summer Ripple unveiled CBDC Innovate, a hackathon challenge offering enterprise and individual developers an opportunity to create CBDC applications for reward bounties. The challenge sought CBDC apps focused on interoperability, retail and financial inclusion and ran in two distinct phases: Phase I enabled participants to develop on the public XRP Ledger for a total prize pool of $47,000 USD and finalists had the option to utilize Ripple’s CBDC solution for a total $150,000 USD in Phase II.
The response to Ripple’s CBDC Innovate challenge has been overwhelming. Community buzz in Phase I resulted in thousands of inquiries and nearly 500 subsequent registrations. A select group of finalists were chosen by an esteemed panel of judges from the BIS Innovation Hub, DXC Technology, Amazon Web Services and much more.
These judges helped to determine the contestants moving on to Phase II, resulting in just six winners of Ripple’s CBDC Innovate.
🥁Meet the CBDC Innovate Winners
- In the Interoperability category, the enterprise winner was PeerPay, and the individual winner is P2P-CBDC (P2P-Loans)
- In the Financial Inclusion category, SpendTheBits won in the enterprise category while Community Loans was named the individual winer.
- In the Retail-Facing category, the enterprise winner is Checksum, and the individual winner is conFIEL We’re excited to announce the cash-prize winners in London this week at Ripple Swell Global: Ripple’s annual flagship event that brings together the world’s most influential voices across crypto, blockchain, payments, financial services and economic policy.
So many fascinating and unique applications were developed through the CBDC Innovate challenge, and it’s exciting to see these ideas come to life in parallel with CBDC adoption around the world.