Santander and the Oxentia Foundation launched last Tuesday (27), the Santander X Global Challenge | Blockchain and Beyond, for startups and scaleups that have innovative solutions using technology. The challenge is open to 11 countries, including Brazil, and the registration date goes until the 9th of June.
Solutions must be scalable and focus on improving privacy and security in blockchain networks and increasing use of decentralized finance (DeFi) and tokenization. In addition, they must improve and expand digital interactions between users through concepts such as Web3 and the metaverse. This is yet another sign of how financial institutions are seeing value in the technology that Satoshi Nakamoto created for bitcoin.
The challenge is for startups that operate legally in the countries and with annual revenue of up to US$ 300 thousand (about R$ 1.5 million). Other requirements are having raised from US$ 100 thousand (R$ 500 thousand) to US$ 1 million (R$ 5 million) and having up to 25 employees.
There are no cases of scaleups, apart from operating abroad for at least two years in one of the 11 countries, they must have annual revenue of more than U$ 300 thousand (R$ 1.5 million). And having raised more than US$ 1 million (R$ 5 million) and more than 25 employees.
Winning startups and scaleups will participate in the Santander community
On June 30th, the announcement of the 20 entries that will go to the final will be announced. The pitch for a jury of international experts and bank executives will be on July 7th. On the 14th is the announcement of the winners. The three startups that win the challenge will each win 10,000 euros (around R$55,000), and the three winning scaleups will each receive 30,000 euros (around R$165,000).
Other than that, companies will have access to Santander X 100, the bank’s startup community. It includes, for example, counseling, client presentations and training. And they will present their solutions to Fintech Station, the Spanish bank’s open innovation team. As well as Brazil, Germany, Argentina, Chile, United States, Spain, Mexico, Portugal, Poland, United Kingdom and Uruguay are participating.
According to Coty de Monteverde, responsible for Banco Santander’s Crypto and Blockchain Center of Excellence, “there is still a long way to go for blockchain to be definitely in the daily lives of people and companies”. But, with the challenge, the bank has access to solutions with technology.
*The translation of this article is provided by EmergingCrypto.io, a partner of Blocknews.