Ripple would soon dish out more central bank digital currency [CBDC] projects in the coming weeks, as revealed by the firm’s advisor Antony Welfare handles CBDC Europe and global partnership.
The announcement came in response to a tweet by a crypto proponent Sentosumosaba who shared an article dated 17 June where Welfare spoke on Ripple’s progress on several CBDC pilot programs including the Royal Monetary Authority [RMA] of Bhutan and the Republic of Palau.
Back in March 2021, the blockchain firm for the first time piloted a private version of the public, open-source XRP Ledger, thus highlighting the firm’s commitment to the digital currency sector.
Ripple in its blog claimed that Moving money on the CBDC Private Ledger will be cost-effective, reliable, and close to instantaneous.
It also began engaging with Central Banks around the world to better understand their goals and assess how the CBDC Private Ledger can help achieve them.
A week ago, Ripple was identified as one of the initial participants of a “Technical Sandbox Program” launched by US-based think tank Digital Dollar Project, aimed at exploring the potential technical and business effects of a CBDC in the United States.
Ripple’s CBDC Innovate Hackathon With Over $197,000 In Prizes
In June, the blockchain entity also rolled out its first online CBDC hackathon called “Ripple CBDC Innovate”, which promised winners a total prize pool of $197,000.
The competition brought 483 participants to build CBDC-focused applications in any one of the three categories. First, improve interoperability of CBDCs and digital assets, second make it easier for retail use and interaction, and third- bring banking to neglected populations.
According to the CBDC Innovate website, the first stage finalists are set to be announced on Sept. 8, who will then progress to the second phase of the competition.
Three weeks back, the leading provider of enterprise blockchain and cryptocurrency solutions, announced the launch of RippleNet’s On-Demand Liquidity [ODL] in Brazil with Travelex Bank, the first bank in Latin America to utilize the technology.
Ripple recently hosted a two-day “The Apex XRPL Dev Summit” in Las Vegas which featured a number of new XRP payment solutions.
One of the main focuses of the summit will be on CBDC issues. In particular, the finalists of the CBDC Innovate Challenge will be announced.