San Francisco-based enterprise blockchain provider Ripple has launched a central bank digital currency hackathon with a total prize pool of $197,000 to promote the development of solutions for retail CBDCs, financial inclusion, and interoperability.
Ripple Launches CBDC Contest
The event, dubbed CBDC Innovate, will allow developers to build applications that run on Ripple’s decentralized, open-source blockchain, the XRP Ledger (XRPL).
Contestants are required to build or update a fintech or payment solution in one out of three categories. The first category focuses on interoperability, and developers are expected to submit a solution that allows CBDC to interoperate with other digital assets such as non-fungible tokens and stablecoins.
The second category focuses on retail-facing, and contestants are expected to build an interface that allows users to interact with a CBDC. The last category covers financial inclusion, and developers are to submit a solution that can leverage the...
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