The Ripple CBDC Innovate challenge is designed to promote the building of limitless applications for Central Bank Digital Currency (CBDCs.)

Devpost is excited to offer individual developers and enterprise developers an opportunity to create CBDC applications for prize money awards. The goal of CBDC Innovate 2023 is to “build or update a fintech or payments solution utilizing Ripple’s CBDC solutions.”  In Phase I applicants will ideate an application on the public XRP Ledger. In Phase II the finalists will build on Ripple’s Private CBDC Platform.

Ripple is currently engaged with Central Banks around the world to better understand their goals and assess how Ripple’s CBDC Platform can help achieve them. CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments &  speedy transfers (including cross border payments) , accelerating retail-facing transactions, and promoting inclusive financial frameworks. CBDC Innovate  is designed to encourage creative thinking, development, and exploration of novel CBDC applications and use cases, enabling a deeper understanding of how CBDCs can affect the future of money 

CBDC Innovate will be held in two phases.

For Phase 1 of the CBDC Innovate, participants can use the XRP Ledger to develop on. Winners will have the option of utilizing their own CBDC Private Ledger provisioned by Ripple during Phase II of the challenge.

Phase 1 of CBDC Innovate  

Entrants must successfully complete Phase 1 of the competition to move forward into the Phase II competition. Phase I is designed to be an ideation stage, requiring a solid foundational idea and distinct knowledge of the XRP Ledger’s specific features to move forward to Phase II. 

CBDC Innovate Phase I Dates

Submission Period Opens: 

May 15, 2023

Phase I Submissions Due:

August 18, 2023


August 21 - September 4, 2023

Finalists Announced and Moved to Phase II: 

September 6 - 8, 2023


Winners from the Phase I event will be invited to Phase II, the CBDC Innovate Winners Only Event with an even larger prize pool!


CBDC Challenge Phase II (expected dates): 

Phase II Submissions Due:

October 31, 2023 


November 2023 (TBD)

Winners Announced: 

November 2023 (TBD)



What to Build :

Build or update a creative CBDC-based solution utilizing Ripple’s technology.

What to Submit:

  • Include a one-page document describing your idea and how it relates to CBDCs.
    • Please describe how aspects of the XRP Ledger will be integrated into your application (ex: Hooks, Multi-Sign, Trustlines, Checks, DEX, etc.) 
  • Include a video (about 2 minutes) that demonstrates your submission. Videos must be uploaded to YouTube, Vimeo, or Facebook Video and made public.

  • Feedback on experience with Ripple and CBDC

Hackathon Sponsors


$200,000 in prizes

CBDC Innovate Finalists (6)

• $10,000 USD
• CBDC Innovate Finalists will receive an invitation to pitch executives at Ripple CBDC Winners Only event with a prize pool of $140,000

Honorable Mention (10)

• Up to (10) honorable mentions will receive an invitation to pitch executives at Ripple CBDC Winners Only event with a prize pool of $140,000

Compete in a Winners Only Phase II with $140K prize pool!

Devpost Achievements

Submitting to this hackathon could earn you:


Jonathan Donovan

Jonathan Donovan
Vice President of Product Development - Blockchain and Digital Assets, Mastercard

Daniel Eidan

Daniel Eidan
Adviser and Solution Architect, BIS Innovation Hub (BIS IH)

Aleksi Grym

Aleksi Grym
Head of Fintech and Principal Adviser, Bank of Finland

Bryena Jyoti

Bryena Jyoti
Director, Blockchain Technology Solutions, Digital Assets Innovation, PwC

Conrad Kraft

Conrad Kraft
Executive Director, Digital Euro Association (DEA)

Jennifer Lassiter

Jennifer Lassiter
Executive Director, The Digital Dollar Project

Brett Molin

Brett Molin
Technical Partner Director, Central Banks Ripple

Anastasia “Tracy” Raissis

Anastasia “Tracy” Raissis
Founder and CEO, Achillia Group, LLC.

Rajesh Sadhwani

Rajesh Sadhwani
Managing Director - Banking & Capital Markets, DXC Technology

Nav Singh

Nav Singh
Head of EMEA Marketing and Communications - Banking and Capital Markets, DXC Technology

Xiaochen Zhang

Xiaochen Zhang
President, FinTech4Good

Chris Ostrowski

Chris Ostrowski
CEO and co-founder, SODA

Judging Criteria

  • Technological Implementation
    Does the interaction with CBDCs demonstrate quality software development for the financial services and global community?
  • Potential Impact
    How big of an impact could the project have on the people around the world? Can this be applied as a use case to a larger audience?
  • Quality of the Idea
    How creative and unique is the project?
  • Originality
    How original and novel is the project?
  • Practicality
    How adaptable is the project? Does it align with the goals of the hackathon?
  • Real-World Applicability
    Can this project be applied in a real instance in either the short-term or long-term?
  • Use of XRPL protocol native features
    How well are the XRPL protocol native features incorporated in Phase I?

Questions? Email the hackathon manager

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