Online Applications are invited for Ripple CBDC Innovate. The last date for online applications is August 18, 2023.
The Ripple CBDC Innovate challenge is designed to promote the building of limitless applications for Central Bank Digital Currency (CBDCs.).
The goal of CBDC Innovate 2023 is to “build or update a fintech or payments solution utilizing Ripple’s CBDC solutions.” In Phase I applicants will build an application on the public XRP Ledger. In Phase II the finalists will build on Ripple’s Private CBDC Platform. Ripple is currently engaged with Central Banks around the world to better understand their goals and assess how Ripple’s CBDC Platform can help achieve them. CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments & speedy transfers (including cross-border payments), accelerating retail-facing transactions, and promoting inclusive financial frameworks.
Build or update an original fintech or payments solution utilizing Ripple’s CBDC solutions.
CBDC Innovate will be held in two phases.
For Phase 1 of the CBDC Innovate, participants can use the XRP Ledger to develop on. Winners will have the option of utilizing their own CBDC Private Ledger provisioned by Ripple during Phase II of the challenge.
Phase 1 of CBDC Innovate
Entrants must successfully complete Phase 1 of the competition to move forward into the Phase II competition. Phase I is designed to be an ideation stage, requiring a solid foundational idea and distinct knowledge of the XRP Ledger’s specific features to move forward to Phase II.
CBDC Innovate Phase I Dates
| Submission Period Opens: | May 15, 2023 |
| Phase I Submissions Due: | August 18, 2023 |
| Judging: | August 21 – September 4, 2023 |
| Finalists Announced and Moved to Phase II: | September 6 – 8, 2023 |
CBDC Challenge Phase II (expected dates):
| Phase II Submissions Due: | October 31, 2023 |
| Judging: | November 2023 (TBD) |
| Winners Announced: | November 2023 (TBD) |
Interested Candidates can apply online by clicking here.
Prize money of Rs.1.6 Cr / $200,000.
• $10,000 USD
• CBDC Innovate Finalists will receive an invitation to pitch executives at the Ripple CBDC Winners Only event with a prize pool of $140,000.
• Up to (10) honorable mentions will receive an invitation to pitch executives at the Ripple CBDC Winners Only event with a prize pool of $140,000
| PERIOD | BEGINS | ENDS |
|---|---|---|
| Submissions | August 21 at 9:00 am PDT | May 15 at 10:00 am PDT |
| Judging | September 04 at 5:00 pm PDT | September 08 at 2:00 pm PDT |
| Winners Announced | September 08 at 2:00pm PDT |
Click here to view the official notification of the Ripple CBDC Innovate.
