Ripple Pushes for Dominance on XRP Ledger, Launches ‘Innovation Challenge’

Ripple XRP Ledger

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Categories: Cryptocurrency

RipplePushes for Dominance on XRP Ledger, Launches ‘Innovation Challenge’

Ripple, thecompany behind the cryptocurrency XRP and the XRP Ledger (XRPL),has launched an innovation challenge to encourage the development of XRPL appsfor central bank digital currencies (CBDCs).Entrants will need to either builda new solution or update an existing solution that uses CBDC tech and can be run on theXRP Ledger.

Challengeto Cover Three Categories

Theinnovation challenge will accept entries in three categories each with theirown separate judging criteria: interoperability, retail-facing, and financialinclusion:

Theinteroperability category encourages entrants to build a solution that enablesan XRPL-based CBDC to bridge with other digital assets, such as other CBDCs, NFTs andstablecoins.

Theretail-facing category requires entrants to build an interface to work witha CBDC in a “hipand fashionable way”, which is accessible enough for any human tointeract with.

Thefinancial inclusion category instructs entrants to build asolution that can “leverage the benefits of a CBDC” to bringbanking services to underserved populations.

RippleLooking to Secure Dominant CBDC Position

Ripple has been known primarily for its cross-border paymentsolutions and on-demand liquidity, but recently it has also been making a pushinto the CBDC space. In addition to this CBDC-focused innovation challenge,last year the government of the Himalayan kingdom of Bhutan enlisted Ripple topilot a CBDC running on the XRPL, and the Pacific island nation of Palau alsopartnered with Ripple to create an XRPL-based government-backed stablecoin.

 


Ripple is looking to dominate the financial technology industry with its XRP ledger. The company recently announced a Innovation Challenge for developers to compete for up to $1 million in funding and possible inclusion in the Ripple Net platform.

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