Ripple CBDC Hackathon Concluded, Here Are Winners

To reaffirm its commitment to strengthening its positions in the stablecoins segment, fintech decacorn Ripple organized a hackathon for stablecoin-centric products that leverage XRP Ledger as the technical basis for their solutions.

Here’s who won Ripple’s CBDC hackathon

As per the official statement by RippleX, Ripple’s hackathon for stablecoin projects, CBDC Innovate, has come to an end. Experts shared the names of the winners in three nominations.

🥁 Meet the 6 winners of the #CBDCInnovate hackathon!

These projects leveraged Ripple’s #CBDC solution to build features for ✔️interoperability, ✔️financial inclusion and ✔️retail apps for up to $150K USD in cash prizes (1/5)

— RippleX (@RippleXDev) November 16, 2022

Ripple’s jury has chosen winners in interoperability, financial inclusion and retail apps nominations. For every nomination, a $150,000 prize was allocated.

Payment application PeerPay and peer-to-peer loans machine P2P-CBDC are winners in interoperability nomination. SpendTheBits and Community Loans were awarded enterprise and individual prizes in the retail applications category.

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Checksum and conFIEL B2B platforms are the leaders of the financial inclusion track. All mentioned protocols use Ripple’s CBDC developments in their services.

Ripple is betting big on CBDCs

As covered by U.Today previously, Ripple’s competition for projects that use XRPL-based CBDCs started in July-August 2022. A purpose-made sandbox was launched for their experiments.

In 2022, Ripple’s development strategy is laser-focused on CBDC initiatives. Its federated sidechain platforms are a perfect tech basis for the digital currencies of national banks, experts say.

Also, Ripple is naming key contributors to various CBDC initiatives globally, including the Digital Dollar and Digital Pound. Currently, XRP Ledger also hosts six stablecoin products.