In El Salvador, a hackathon called “Bitcoin Bankathon” is being organized; in which different proposals for solutions will be received through the cryptocurrency Bitcoin, as reported from the official website of the Mortgage Bank.
What is the Bankathon?
It is an event that brings together programmers and software developers (or in some cases hardware), so that together they can create new tools in a given time.
This type of initiative offers a way to experiment and accelerate innovation efforts and prepare for the new Salvadoran reality with the entry into force of the Bitcoin Law.
The objective of this Bankathon, for Banco Hipotecario, is to be a national bank that develops an event of this magnitude in which proposals for solutions to the Salvadoran financial reality are experienced and produced with high-level developers from around the world.
How will this event unfold?
The Bankathon will take place from November 19 to December 8. The first two weeks, from November 19 to 30, will be held virtually and the last, from December 6 to 8, the developers will move to El Salvador.
For the realization of this event, sponsorship has been coordinated and obtained with three companies that are dedicated to work in cryptocurrencies: API3, a company that connects data from the real world with smart contracts; Sovryn, a company that offers decentralized finance services for Bitcoin with trading platforms and cryptocurrency loans and Qredo, is responsible for promoting institutional infrastructure to provide custody of multiple crypto assets.
What will be the specific theme?
Inside the Bankathon they will see five challenges of various topics in which the bank is interested in entering and of which the developers will present solution proposals. From the challenges, participants will be expected to provide a finished prototype of a product, service, or business model.
The proposed challenges are:
Building the Next Neobank: What would a more inclusive Bitcoin-enabled neobank look like for El Salvador in 2022?
Redesigning remittances: How could Bitcoin remittances improve the lives of Salvadorans who depend on foreign money?
Fighting climate change: How can banks and crypto companies unite the citizens of El Salvador to tackle climate change?
Women’s Empowerment: How Can Crypto and Open Banking Help Increase Women’s Financial Empowerment?
Empower merchants: How can we empower merchants using open banking data and smart contracts?
How to register?
Interested persons can enter here.
Who will be the jurors?
Sovrin – Qredo – API3 – Tesobe – Secretariat of innovation – Central Reserve Bank, Superintendency of the Financial System and Mortgage Bank.
It may interest you: