Santander Bank is planning block chain competition

The $ 100 million funding pot strong Santander Innoventures for venture capital investments in Fintech Startups want to organize a block chain competition. Santander Innoventures cooperates with startup agency OneVest to offer the so-called Distributed Ledger (DL) Challenge (dt .: Block Chain competition) for newly created start-ups.

Specifically, the Spanish bank wishes to support block chain based startups that are intended to help the banks with their technology and build a bridge to the traditional financial system. The Managing Partner of Santander Innoventures sees the technology as an opportunity to improve the lives of many people. As the Bitcoin Magazine reports, the bank had already announced that this step is just the beginning in order to venture to crypto currencies. Many more initiatives for financial technologies will follow in the future.

The grand prize winner receives $ 15,000 and a guaranteed investment directly from the Santander Innoventures pot. Other winners are given the opportunity to pitch in front of the investors to also receive financing from the pot.

The Santander Bank had already turned in the past, the block chain technology, in particular the Bitcoin. Apparently, the Bank recognizes the potential of digital currencies that are still a competition for traditional banks. The interest is confirmed by Santander by optimistic statements: One assumes that banks by 2022 could save 15-20 billion dollars annually through the use of block chain technologies.

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