Banco Hipotecario will be running the first Bitcoin Bankathon next month aimed at furthering El Salvador’s Bitcoin adoption.
The inaugural event is aimed at engaging developers across the globe to build on a technology platform provided by four industry leaders - Open Bank Project, API3, Qredo, and Sovryn - in generating novel banking applications that will enable Banco Hipotecario to offer Bitcoin banking and financial services to all Salvadorans.
The first Bitcoin Bankathon will run for three weeks from November 19 until December 5.
El Salvador’s adoption of the cryptocurrency opens the path for the country to tap into decentralised financial Bitcoin products, as well as access to alternative sources of global investments.
From November 19, teams of Web 2.0 and 3.0 coders, designers, entrepreneurs, and problem-solvers will spend two weeks collaborating virtually to create working prototypes for their ideas and to build out a new infrastructure that will redesign the future of financial services in El Salvador.
During the third week, participants will have the chance to code in the heart of El Salvador.
Hackathon challenges will be based around five challenge tracks:
● Build the next neobank: What could a more inclusive Bitcoin-enabled neobank for El Salvador look like in 2022?
● Redesign remittances: How could Bitcoin remittances improve the lives of Salvadorans who rely on money from abroad?
● Battle climate change: How can banks and crypto companies unite citizens of El Salvador to tackle climate change?
● Empower women: 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?
There will be on-ground and online support for participants. Engineers will help with technical queries, and mentors will provide guidance towards the perfect pitch. All qualifying teams will be eligible to win a portion of a total of $200K in prizes, including for Best Overall Product and Most Advanced Technology.
Registration for the event is now open, and anyone interested in participating in the Bitcoin Bankathon can access a pass here.
“To succeed in creating a more inclusive financial services landscape for the citizens of El Salvador, we must start driving innovation proactively,” said Celina Padilla, President of Banco Hipotecario de El Salvador.
“A hackathon is like a seed that allows innovation to sprout. Banco Hipotecario is proud to be the first bank to plant this seed to create innovative Bitcoin-based applications that will remove the barriers preventing Salvadoran citizens from accessing financial services in the region.”