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Developers Unite for the First Bitcoin Banking Hackathon, Happening in El Salvadorby@api3
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Developers Unite for the First Bitcoin Banking Hackathon, Happening in El Salvador

by API3November 19th, 2021
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The first two weeks of the event will be held in El Salvador. Participants will be able to compete for a portion of the prize money. The event is part of the Open Bank Project, which aims to encourage the use of Bitcoin in the U.S. to use the technology to develop and use it to help people in need of financial services. The competition will run from November 19th to December 18th at the end of November 18th, with prizes of up to $1,000.

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Organized by Banco Hipotecario, Open Bank Project, API3, and Qredo

On November 19, 2021, Banco Hipotecario will launch the first Bitcoin banking hackathon in El Salvador, entitled “Bitcoin Bankathon,” to fuel financial innovation in the country. Banco Hipotecario, a state-owned national bank, brings forth this event through a partnership with three industry leaders: Open Bank Project, API3, and Qredo. The goal of the endeavor is to foster innovative banking applications from participating developers for Banco Hipotecario to explore Bitcoin banking services for Salvadorans.

When

November 19th - December 8th.

Why

  • Winning teams will be rewarded with a portion of a total of $150K in prizes (paid in Bitcoin), including for Best Overall Product and Most Advanced Technology.
  • Participants will have access to online and on-ground support with technical queries, and mentors will be available for pitch guidance.
  • Be part of the first bank-supported event to accelerate the democratization of Bitcoin electronic payments and facilitate the adoption of bitcoin as legal tender

Where

The first two weeks of the Hackathon will be held virtually, giving entrepreneurs, coders, designers and developers time to develop prototypes for their ideas. During the third week of the event, participants are invited to El Salvador’s Hacienda de Los Miranda to push their products to the finish line. (on-site attendance is not required)

Hackathon details

Hackathon challenges will be based around five challenge tracks:

  1. Build the next neobank: What could a more inclusive Bitcoin-enabled neobank for El Salvador look like in 2022?
  2. Redesign remittances: How could Bitcoin remittances improve the lives of Salvadorans who rely on money from abroad?
  3. Empower women: How can crypto and open banking help support women's economic empowerment?
  4. Battle climate change: How can banks and crypto companies unite citizens of El Salvador to tackle climate change?
  5. Empower merchants: How can we empower merchants using open banking data and smart-contracts?

How

Registration for the event is now open, and anyone interested in participating in the Bitcoin Bankathon can learn more or register here.