Banco Santander and Oxentia Foundation are launching the Santander X Global Challenge | Blockchain and Beyond to seek startups and scaleups with innovative and scalable solutions using blockchain technology. The aim of both institutions is supporting innovation to improve productivity and employment, as well as to solve problems relevant to society.
This new global challenge is aimed at startups and scaleups from 11 countries (Germany, Argentina, Brazil, Chile, the US, Spain, Mexico, Portugal, Poland, the UK and Uruguay), with an innovative and technology-based product. Applications can be submitted until 9 June at this link.
Solutions should address issues such as improving user privacy and security in blockchain networks, boost decentralised finance (DeFi) -without financial intermediaries- and tokenisation (digital representation in blockchain) and enhancing and expanding digital interactions with users through concepts such as Web3 and the metaverse.
There will be six winning projects, which will receive €120,000 in prizes: €30,000 for the three winning startups (€10,000 each) and €90,000 for the three best scaleups (€30,000 each). They will also have access to Santander X 100, Santander X’s global community of leading start-ups, which connects them to the resources they need to grow: advice and training, capital, customers, talent, networking and other valuable resources.
Coty de Monteverde, head of Crypto & Blockchain Center of Excellence at Banco Santander, highlights that “blokchain technology has the potential to revolutionize the world. Increasingly, different sectors see the ability of this technology to redefine and enhance their business models. There is still a long way to go before blockchain is definitively installed in the daily life of people and companies, and at Santander Universities we want to give visibility and help startups and scaleups with innovative solutions in the use of this technology”.
A group of international experts will assess the entrepreneurs’ solutions, selecting 20 finalists who will take part in a pitch day to present their projects to a specialized panel. Following which, six winners will be selected, 3 startups and 3 scaleups.
Steve Cleverley, CEO of Oxentia Foundation, says that “at Oxentia, helping entrepreneurs address global challenges, provide innovative solutions, and promote adoption of new and disruptive technologies is at the heart of our work. The Oxentia Foundation is therefore delighted to be working in partnership with Santander X to launch a new global challenge. We are looking forward to hearing from entrepreneurs across the Santander footprint with the very best cutting-edge technology and transformational solutions and wish all applicants the very best of luck”.
The finalists will also have the opportunity to present their proposals at Fintech Station, which fosters open innovation in the bank.