Blockchain or distributed ledger tech (DLT) is “revolutionizing” the world just as the Internet did in its day, according to an update from Santander.
The team at Banco Santander (NYSE: SAN) notes that “an increasing number of sectors see the enormous potential in this type of technology in terms of redefining and enhancing their business models.”
With the aim of supporting innovation to improve productivity and employment, as well as to solve problems relevant to society, Banco Santander and Oxentia Foundation are “launching the Santander X Global Challenge | Blockchain and Beyond to seek out startups and scaleups with innovative and scalable solutions using blockchain technology.”
The deadline for applications “is June 9.”
Here is What They are Looking for:
Solutions should focus on “how to improve user privacy and security in blockchain networks, fostering the adoption of Decentralized Finance (DeFi) and tokenization, and enhancing and expanding digital interactions with users through concepts such as Web3 and the metaverse.”
Who is this aimed at:
Technology-based startups and scaleups “from 11 countries, with scalable and innovative solutions in the use of blockchain technology.”
Startup category: “legally incorporated in one of the participating countries, with a maximum annual income of $300,000, with $100,000 to $1 million capital raised and 25 employees maximum.”
Scaleup category: “legally incorporated for at least two years in one of the participating countries, with an annual income over $300,000, more than $1 million capital raised and over 25 employees.”
As noted in the update, Banco Santander, “leaders” in responsible banking, “are firmly committed to progress as well as inclusive and sustainable growth.”
Their pioneering and long-standing commitment “to education, entrepreneurship, and employment through Santander Universities, which has been operating in this area for over 25 years, sets Banco Santander apart from the world’s other financial institutions.”
Since its inception, the bank has “allocated over €2.1 billion and supported more than 790,000 students, business professionals, and entrepreneurial projects through agreements with over 1,000 universities and institutions in 15 countries.”
For more details on this update, check here.