Ripple’s CBDC Innovate Awards $150,000 to 6 Winners for Novel CBDC Apps
Tags: xrpl, xrp, cbdc
Published: 2022-11-16 14:05:17

Ripple is currently engaged with central banks around the world to better understand their goals and assess how Ripple’s [CBDC solution](https://ripple.com/solutions/central-bank-digital-currency/) can help them achieve those goals. We believe CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments & transfers, accelerating retail-facing transactions, and promoting inclusive financial frameworks for digital assets. 

Over the summer Ripple unveiled [CBDC Innovate](https://dev.to/ripplexdev/title-now-open-enter-ripples-cbdc-innovate-challenge-5fph), a hackathon challenge offering enterprise and individual developers an opportunity to create CBDC applications for reward bounties. The challenge sought CBDC apps focused on interoperability, retail and financial inclusion and ran in two distinct phases: Phase I enabled participants to develop on the public [XRP Ledger](http://www.xrpl.org) for a total prize pool of $47,000 USD and finalists had the option to utilize Ripple’s CBDC solution for a total $150,000 USD in Phase II.

The response to Ripple’s CBDC Innovate challenge has been overwhelming. Community buzz in Phase I resulted in thousands of inquiries and nearly 500 subsequent registrations. A select group of finalists were chosen by an esteemed panel of judges from the BIS Innovation Hub, DXC Technology, Amazon Web Services and much more. 

These judges helped to determine the contestants moving on to Phase II, resulting in just six winners of Ripple’s CBDC Innovate. 

🥁**Meet the CBDC Innovate Winners**

- In the Interoperability category, the enterprise winner was [PeerPay](https://www.linkedin.com/company/peerpay), and the individual winner is [P2P-CBDC (P2P-Loans)](http://www.linkedin.com/in/winkler-chris)

   - PeerPay is an application that is an interoperable 
   payment system focused on the unbanked. PeerPay is powered 
   by Interledger and XRPL for sending fiat, crypto and 
   CBDCs. 
   - P2P-CBDC (P2P-Loans) is an application that features the 
   benefits of no counterparty risk, near-zero fees and 
   flexible terms - that's what financial inclusion on the 
   XRP Ledger looks like. 

- In the Financial Inclusion category, [SpendTheBits](https://www.linkedin.com/company/spend-the-bits/) won in the enterprise category while [Community Loans](https://www.linkedin.com/in/rahim-klab%C3%A9r-09332716a/) was named the individual winer.

   - SpendTheBits is an application that allows users to make 
   payments in multiple currencies including CBDCs, 
   cryptocurrencies, and stablecoins. SpendTheBits 
   incorporates a CBDC Portal, the STB Mobile and Merchant 
   App, and STB Exchange Portal to allow interoperability and 
   liquidity. 
   - Community Loans is an application that allows users to 
   give out and take loans in a peer-to-peer manner. Users 
   can advertise loans they want to give out, with other 
   users accepting those loans and finally, the loan 
   advertiser choosing to accept the user that wants to take 
   the loan.

- In the Retail-Facing category, the enterprise winner is [Checksum](https://www.linkedin.com/company/whirled-labs/), and the individual winner is [conFIEL](https://www.linkedin.com/in/jjperezaguinaga/) 

   - Checksum’s advanced payment features and user interface 
   enables businesses to easily process checks, invoices, 
   expenses, and payroll for business-to-business (B2B) CBDC 
   management. 
   - conFIEL is an infrastructure project focused on the 
   Mexican market that showcases how easy it is to onboard 
   users into the XRP Ledger ecosystem by using the over 30 
   million deployed digital signatures used by the Tax 
   Revenue Service in Mexico ("SAT"). 

We’re excited to announce the cash-prize winners in London this week at Ripple Swell Global: Ripple's annual flagship event that brings together the world's most influential voices across crypto, blockchain, payments, financial services and economic policy.

So many fascinating and unique applications were developed through the CBDC Innovate challenge, and it's exciting to see these ideas come to life in parallel with CBDC adoption around the world. 

If you’re a dev wanting to start building on the XRP Ledger, head to the [XRPL Developers Discord](https://t.co/I3s42AsIKS) or [XRPL.org](http://www.xrpl.org). 




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