Enterprise blockchain provider Ripple has taken a major step forward for CBDCs. In collaboration with CBDC, Ripple launched a Hacathon with a total prize pool of $197k, aimed at promoting the development of solutions for financial inclusion. Hacathon: For some participants, it is the name given to the competition platforms that are seen as an opportunity for some participants to bring their ideas to real life.

San Francisco-based enterprise blockchain provider Ripple has announced that it has launched a $197K prize-winning competition with the CBDC to develop interoperability and financial inclusion solutions. The award-winning event, called CBDC Innovate, will allow developers to build applications that run on Ripple's decentralized, open-source Blockchain XRP Ledger (XRPL).

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In one of the three categories created, competitors are asked to create or update a fintech or payment solution. The first category will focus on interoperability and developers are expected to provide a solution that enables CBDC to work together with other digital assets such as NFT and stablecoins.

The second category is retail focused and competitors are expected to create an interface that allows users to interact with a CBDC. The last category covers financial inclusion, and developers are asked to provide a solution that can take advantage of such a digital currency. According to the contest page, participants must submit their solutions by August 25, 2022. The winners will be announced on September 8.

At the time of writing, XRP price was recorded as $0.311, according to CoinGecko data, while the last 24-hour trading volume of XRP was $536,284,082. XRP price is down -0.8% in the last 24 hours. While there is a supply of 48 Billion XRP coins in circulation, there is a total supply of 100 Billion coins. B2BX is currently the most active market where XRP is traded.