API3 announced sponsorship to Bitcoin Bankathon

API3 announced last Thursday, October 21, through its Twitter account, its sponsorship of Bitcoin Bankathon in alliance with Open Bank Project, Qredo Network and Sovryn BTC, who are responsible for delivering prizes of up to $250,000 for the creation of banking applications. and financials based on Bitcoin.

Image about API3 post on Twitter

“According to specialized media, the project is called” Bitcoin Bankathon”, and it would consist of a contest for developers and app designers; however, Banco Hipotecario has not announced the contest on any of its official networks”, he said through an article published on the El Salvador web portal.

The company indicated that, according to the description of the contest, the purpose of the contest seeks that the contestants present “innovative” ideas focused on developing banking solutions based on Bitcoin, a cryptocurrency that has been legal tender in El Salvador since last September 7.

In addition, the portal indicated that for this contest around $ 250,000 in prizes have been allocated for those who manage to meet the five challenges that the competition would be contemplating.

According to the details, these challenges would be focused on the creation of services such as a new remittance system, a “neobank” based on Bitcoin and other solutions focused on climate change, the empowerment of merchants and women.

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“The companies that make up the Bitcoin Alliance for the contest are: Open Bank Project, API3, Qredo and Sovryn, which allied themselves with the BH since last October 7, when it was one month since the entry into force of the Bitcoin Law in the country, but none of this information has been disseminated by the government at the local level”, he added.

According to the website, this contest will run in three weeks from November 19 to December 5. Even though the call is for developers from “all over the world”, the Government of El Salvador has not launched the official call in any of its government accounts.

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