Ripple is launching an innovation challenge aiming to promote the development of XRP Ledger (XRPL) apps for central bank digital currencies (CBDCs).

According to the contest page, entrants can submit projects to three categories: interoperability, retail-facing, and financial inclusion.

According to the contest rules, interoperability projects should involve solutions that help CBDCs bridge with other digital assets, including non-fungible tokens (NFTs) and stablecoins.

“Digital assets are increasing in importance as the world increasingly moves closer to Web 3.0. However, interoperability remains a challenge which may impact CBDCs.”

Entrants submitting retail-facing projects should aim to develop interfaces for humans to interact with CBDCs in a “hip and fashionable way.”

“Access to financial institutions for underbanked and unbanked individuals has been a pain point for many in developing nations.

Can a CBDC be utilized in an offline environment? How easy will a CBDC be to use for users? How can a CBDC be integrated into different existing financial systems?”

Financial inclusion projects should aim to bring banking services to underserved populations and “enable spending power from traditionally marginalized communities.”

The competition includes $47,000 in prices, and winners receive invites to “Ripple’s Winners Only Event,” which has $150,000 in prizes. The deadline for submissions is August 25th.

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