ILP Financial Services CFP Office Hours Sessions

On May 17, the Interledger Foundation announced its third Call For Proposal (CFP) since launching almost two years ago. For our friends that have been along with us on this journey since the beginning, you’ll notice that this Call is quite different from our earlier iterations. When we first started our grantmaking in 2019, our inaugural CFP was open to just about anyone interested in experimenting with the Interledger Protocol. There was a healthy mix of developers and content creators working on projects that ranged from web monetized content, code repositories, and new platforms experimenting with new business models for the web. From our initial cohort of grantees and subsequent calls afterwards, we were able to garner gems for improvement each time. Through our feedback mechanisms imbedded in the grantmaking process, we have been able to determine which aspects of the Protocol our community is excited about, and some of the barriers and pain points to entry that needs to be eased. So we’ve made the decision to build the foundational aspects and improve the Interledger Protocol to improve access to the network.

This 2022 CFP for ILP-Based Financial Services represents an evolution of where we are in the development of the infrastructure. The feedback from our community has shown us there is an imperative need to increase the number of financial service providers in the ecosystem – i.e. wallets, neobanks, etc. With the understanding that there are several challenges involved in standing up a new wallet, we have staggered the award in three stages. The first stage, which represents the current CFP, is to develop a business plan with a complete understanding of the requirements to obtain a money transmitter license in the chosen region of operation. No matter what country a financial service provider is in, there is one given that is constant - regulatory requirements. Although the rules and regulations vary depending on the country or region, there is an inescapable reality concerning the evolution of financial services and the requirements to operate. Moving forward with the most promising and thoroughly researched plans, the next stage of awards involves constructing the actual prototype, followed by the final stage which is a fully functional node on the network with at least one connected peer.

If you’re as enthused about the possibility of opening up the ILP network to more users as we are, and this opportunity sounds inviting to you, please consider applying! The current CFP is open until July 8, 2022 and as always, we’re here to answer any questions you may have at info@interledger.org.