Ripple Labs has revived its Central Bank Digital Currency (CBDC) Innovate Challenge. According to announcementthe competition aims to promote the development of diverse applications for CBDC.
It is noteworthy that the goal of CBDC Innovate 2023 is to promote the development of financial technologies and payment solutions using Ripple’s enterprise services.
“You are encouraged to build or upgrade an original fintech or payments solution using Ripple CBDC solutions,” says in the ad.
Digital Euro Association also informed about it on Twitter.
According to the announcement, both individuals and businesses can enter the competition by submitting their CBDC application concepts. Interestingly, Ripple has given away whopping $200,000 worth of prizes.
Stages of the CBDC competition
It is worth noting that the task consists of two separate stages.
Phase 1
In the first stage (stage 1), participants are asked to create an application in the public XRPL. CBDC applications for the first stage will close on August 18, 2023.
Once an application has been submitted, a panel of judges made up of professionals from the Digital Euro Association, Mastercard, Bank of Finland, Amazon Web Services (AWS), PwC, BIS and DXC Technology, among others, will begin selecting innovative projects from August 21 to September 4, 2023.
The judges will announce the finalists from 6 to 8 September 2023.
Phase 2
The winners of the first stage will be promoted to the second stage (stage 2). In this category, Stage 1 finalists will develop applications on a newly launched Ripple’s private CBDC platform .
The application deadline has been set for October 31, 2023. Ripple will announce the date when the jury will select the most innovative solutions.
The six finalists will receive $10,000 each and an invitation to present executives at a “Ripple CBDC Winners Only Event” with a prize pool of $140,000.