XRPL-based App SpendTheBits Wins Ripple CBDC Innovate Competition Back-to-Back

In a recent tweet, Crypto Eri, a prominent XRP community influencer, shared exciting news regarding SpendTheBits, an XRPL-based crypto payment mobile app.

Crypto Eri disclosed that SpendTheBits achieved consecutive victories in a contest hosted by Ripple. Specifically, SpendTheBits has again emerged as a victor in Ripple’s 2023 central bank digital currency (CBDC) Innovate Competition.

Today!@SpendTheBits🥇has Back-to-Back Wins
They presented a retail solution for regional banks & MSB’s for @Ripple CBDC Innovate Competition.

The portal is tailor-made for regional banks & MSBs to easily send cross-border payments, manage corresponding ledgers & more.#XRPL pic.twitter.com/ACfyvbOA2G

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) September 26, 2023

SpendTheBits Victory

Crypto Eri highlighted that SpendTheBits competed by presenting a retail solution specifically for regional banks and Money Service Businesses (MSBs).

Furthermore, she mentioned that SpendTheBits’ XRPL-based solution was tailored to address the unique needs of the financial entities.

In particular, the platform offers MSBs a seamless means of sending cross-border payments and managing corresponding ledgers. It also provides them with additional features to enhance their operations.

Recall that SpendTheBits won Ripple’s 2022 CBDC Innovate Competition, as The Crypto Basic reported. Interestingly, the XRP community had already predicted the project emerging among the 2023 edition winners at least two months away.

Notably, SpendTheBits confirmed its victory in a recent post on the X platform.

“SpendTheBits has triumphed once more at #CBDC Innovate 2023, securing back-to-back wins!” the platform exclaimed.

🏆🏆 Incredible News, #XRPLCommunity! 🌟 SpendTheBits has triumphed once more at #CBDC Innovate 2023, securing back-to-back wins! 🚀 We extend our heartfelt gratitude to the esteemed judges and the unwavering support of the entire XRP community. 🙌 Together, we’re forging a path… pic.twitter.com/UFXrwSvxwV

— SpendTheBits Inc. (@Spend_The_Bits) September 25, 2023

Expressing their gratitude, SpendTheBits extended heartfelt thanks to the esteemed judges who recognized their innovations. It also acknowledged the unwavering support and dedication of the XRP community.

Moreover, SpendTheBits remarked that the collective effort of the XRP community is paving the way for innovation in the crypto and blockchain sphere.

Ripple CBDC Contest

According to Ripple’s CBDC page, the 2023 hackathon spanned May 15 to August 18, 2023. Notably, 1,217 participants competed for the grand price of $200,000. Based on the rules, the competing projects are to update or build a fintech payments solution using Ripple’s CBDC system.

SpendTheBits was designated a winner alongside 15 other competing platforms. It is worth mentioning that winners of the first phase will participate in a winners-only phase two event.

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