Ripple released $197K hackathon for CBDCs and Financial inclusion in a contest form with prizes that will encourage the development of more solutions so let’s read more today in our latest ripple news.

The San  Francisco-based company Ripple released $197K hackathon prize content to promote the development of solutions for retail CBDCs, interoperability, and financial inclusion. The event dubbed CBDC innovate will allow developers to build on applications that run on ripple’s decentralized and the XRP ledger. The contestants are required to build or update the payment solution in one of three categories. The first category focuses on interoperability and developers are expected to submit a new solution that will allow CBDC to interoperate with other assets like NFTs and stablecoins.

The second category focused on retail facing and the contestants are expected to create an interface that will allow users to interact with CBDCs. The latest category covers financial inclusion with developers submitting a new solution that can leverage the advantage of a digital currency. As per the Hackathon page, the competitors have to submit their solutions bu August 25, and winners will be announced on September 8. The competition is open to developers in regions except for Brazil, Cuba, Iran, Russia, Syria, and North Korea.

Ripple continued to invest in CBDC solutions as more countries consider launching similar products and the company dedicated the platform based on the XRP ledger technology which allows central banks to manage, transact and mint CBDCs. Ripple worked with a few countries and banks to experiment with CBDC solutions and back in 2021, it partnered with Bhutan to pilot the first CBDC in the country. The collaboration allowed the country to run the digital currency on the Ripple CBDC platform for cross-border and wholesale payments.

Ripple has joined forces with several countries and banks to experiment with CBDC solutions. In September 2021, it partnered with Bhutan to pilot the country’s CBDC. The collaboration allowed Bhutan to run its digital currency on Ripple’s CBDC platform for retail payments and more.

In November, the company partnered with the Republic of Palau to explore and develop strategies for the country’s first digital currency and also collaborated with the Digital Euro Association to exchange information and tech expertise about CBDCs. In the meantime, the company plans to exit the US if it loses the legal battle with the US SEC after raising $1.3 billion by issuing unregistered securities via the sale of XRP.