El Salvador has made a duly progressive mark in history by becoming the first country in the world to officially adopt Bitcoin as legal tender. The country is now planning to design its financial system to fully incorporate Bitcoin in all banking and financial services. The Mortgage Bank of El Salvador recently announced an upcoming event called “Bitcoin Bankathon,” which is an open invitation to drive innovation in the very roots of El Salvador’s developing financial system.
In early October, Banco Hipotecario, which has the majority of its capital in El Salvador, announced a partnership with four blockchain companies- Open Bank Project, API3, Qredo, and Sovryn- to provide a platform for the Bankathon as the Bank’s technology partner for the exemplary hackathon. Tracing the technology alliance to facilitate improved financial inclusion in El Salvador, the contestants will work toward a single goal: to develop innovative banking and financial applications to provide unrivaled Bitcoin-based services to Salvadorans.
Designing Bitcoin’s Future in El Salvador
Bitcoin Bankathon, set to begin on November 19 and run until December 5 of this year, will bring together innovators and developers to participate as individuals or in groups, to be brought together and merged into teams. Throughout the event, developers will face five challenges, and teams of Web 2.0 and 3.0 coders, designers, entrepreneurs, and problem solvers from around the world will collaborate virtually for two weeks to culminate and develop working prototypes of their visions. Their suggestions for building new infrastructure will help to reimagine the future of financial services in El Salvador.
“In order to succeed in creating a more inclusive financial services landscape for El Salvador’s citizens, we must begin to proactively drive innovation,” said Selena Padilla, president of Banco Hipotecario de El Salvador.
In his opinion, an event like the “Bitcoin Bankathon” will instill innovation in applications that are bound to overcome centralized barriers to financial services.
The challenges will be organized around five tracks, beginning with the creation of the next Bitcoin-enabled “Neobank” and progressing to applications for remittances, systems to combat climate change, smart contract-based models that can offer financing to empower merchants, and the creation of a track to build financial empowerment for women using the leading cryptocurrency, Bitcoin. Following the third week, the participants will have a chance to showcase their skills and code in the heart of Salvador.
The Winners Will Receive Expensive Prizes
The Bitcoin Bankathon is set to include sessions with industry experts, as well as networking and tutorials, to help participants design and present their ideas in the most efficient and unparalleled manner possible. The event includes a virtual meet that will bring together leading innovators, designers, and industry experts to collaborate and network, as well as a total prize pool of a quarter million dollars.
“Total Best Product” will receive a prize of $150K, $50K for “Best Use Of Off-Chain Data,” $25K for “Best Advances Tech,” $15K for “Most Visionary Concept,” and $10K for “Social Media Hero.” All prizes will be paid in organizer and sponsor tokens.
“Hackathons are always exciting places to be; to generate new business and social ideas, to code, to learn new technologies and processes, to meet new people, to form new partnerships, and, of course, to demonstrate the results of your hacking!” says Simon Redfern, CEO of TESOBE and founder of the Open Bank Project.
A Strategic Partnership with the World’s Leading Blockchain Enterprises
All four tech leaders who partnered with the bank for this visionary project have set forth an open door for the decentralized community to lend a hand in creating a state-of-the-art infrastructure that will guide El Salvador’s future banking system.
The four technology partners are proud to rally their contribution in the country’s future, displaying their support and trust in decentralization and their vision for El Salvador’s banking and financial system.
“Sovryn is proud to be able to partner with other leading DeFi (decentralized financial) products to bring financial inclusion to Salvadorans that would have been impossible with traditional systems,” says Edan Yago, Sovryn’s Core Contributor.
“El Salvador has quickly become a global financial leader by decisively adapting its policies to accommodate the next generation of financial technology and embracing the promise it offers for new levels of inclusiveness, privacy, and financial security,” says Heikki Vänttinen, co-founder of API3.