Top attorney John Deaton predicts SpendTheBits will prevail in the upcoming Ripple cross-border CBDC payments contest, following its previous victory.
John Deaton, the Founder of Crypto Law, has taken to Twitter to express his view on the announcement that the San Francisco-based blockchain technology firm Ripple has won the first-ever award for the Best Sustainability Initiative for digital currency regarding CBDCs.
In his response, Deaton highlighted the remarkable accomplishment of Jaskaran Kambo, Founder and CEO of SpendTheBits payment platform, and his company SpendTheBits Inc.
While acknowledging Ripple’s feat of securing the CBDC Award for a FinTech company, Deaton drew attention to the CBDC Interoperability Contest organized by Ripple, which attracted a staggering 500 contestants, with Kambo and his team emerging victorious.
@Ripple may have secured the 1st CBDC Award for a FinTech company. But when Ripple held a CBDC Interoperability Contest with 500 contestants,@Jay_SpendDBits & @Spend_The_Bits won 🥇
I predict Jay & STB to win this year’s cross-border interoperable cbdc payments contest as well. https://t.co/Z5jzHYP7kg— John E Deaton (@JohnEDeaton1) July 11, 2023
Notably, the prominent lawyer is merely calling attention to a more remarkable feat attained by SpendTheBits, given that the firm is a crypto payment mobile app that operates on the XRP Ledger (XRPL).
For context, Ripple sponsored the CBDC Innovate Challenge in 2022, where developers were encouraged to build CBDC applications using Ripple’s technology. SpendTheBits was the winner in the interoperability category.
SpendTheBits Will Win Again
Interestingly, Deaton believes that Kambo and SpendTheBits Inc. would continue their winning streak in the upcoming cross-border interoperable CBDC payments contest.
This prediction by Deaton, coming in response to Ripple’s recent accolade, serves as a testament to the growing recognition and competitive spirit surrounding CBDC initiatives.
SpendTheBits Initiatives
SpendTheBits’ CBDC initiative includes a dedicated platform empowering governments to issue, monitor, transfer, and securely manage CBDC tokens and transactions. It also has STB Mobile and Merchant App that enable individuals and merchants to integrate into the CBDC ecosystem.
Furthermore, the firm has an STB Exchange Portal to facilitate cross-currency exchanges for CBDC to CBDC and CBDC to crypto.
Ripple Efforts in CBDCs
Notably, Ripple has made significant contributions to make the ground fertile for CBDC adoption. Two months ago, the firm launched a new CBDC platform for top financial institutions and governments to administer their digital coins, as The Crypto Basic reported.
Furthermore, no fewer than five countries are carrying out CBDC trials using Ripple’s solution. Ripple has also engaged in active discussions with the International Monetary Fund (IMF) about CBDCs.
With the upcoming contest on the horizon, the stage is set for SpendTheBits Inc. to demonstrate its prowess in cross-border interoperable CBDC payments, as predicted by John Deaton.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2023/07/12/deaton-foresees-spendthebits-dominating-again-in-ripple-cross-border-cbdc-payments-contest/?utm_source=rss&utm_medium=rss&utm_campaign=deaton-foresees-spendthebits-dominating-again-in-ripple-cross-border-cbdc-payments-contest