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The future of crypto in banks? Ripple puts the package on MNBC interoperability

Marathon – Ripple (XRP) seeks the contribution of developers, for the creation of technological and financial solutions. These relate to central bank digital currencies (MNBC).

A kitty for applications on the Ledger XRP

He was associated with Bhutan last September, to pilot and use the Kingdom’s central bank digital currency, on its platform for retail, wholesale and cross-border MNBC payments.

It is now giving developers a nod to progress in this area. So, to your codes! Ripple is organizing a hackathon, dubbed CBDC Innovatewhich aims to encourage solution development linked to central bank digital currencies, on the XRP Ledger.

As a result, therefore, a total prize pool of $197,000 for the winners. Their names will be known on September 8. The competition will consist of two rounds. The first will be rewarded with a set of prizes worth $47,000. Developers have until August 25 to submit their applications. The second is reserved for the winners of the first round. Participants will then compete for rewards worth a total of $150,000.

The second part of the hackathon will be held from September 8 to October 31 this year. Pitches and demos will take place from November 1 to 4. The results will be released between November 16 and 18.

The doors of the competition are therefore open to almost all developers from around the world except those from Brazil, Crimea, Cuba, Iran, North Korea, Quebec, Russia and Syria.

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MNBC Hackathon: Ripple’s Arenas

In addition, developers who wish to take part in the contest, can create or improve applications, in three categories.

The first concerns interoperability. The technological solution developed is then supposed to allow the interaction between an MNBC and other digital assets, like stablecoins, or tnon-fungible okens (NFT).

The second category focuses on creating an interface. It makes possible and facilitates the interaction of users with a digital currency.

Finally, the last category focuses on financial inclusion. Indeed, contest participants can develop a solution that allows them to take advantage of an MNBC. For example, the creation of an innovative banking service aimed at populations excluded from the traditional financial system or a peer-to-peer loan protocol.

Through this hackathon, Ripple wants to stimulate the development of solutions dedicated to MNBC on its Ledger XRP. The crypto winter therefore does not freeze the company’s ambitions. In fact, it does not seem to be weakened by bear markets, or by its muscular exchanges with the American SEC, for more than a year and a half.

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