Santander InnoVentures Launches Blockchain Tech Challenge

Santander InnoVentures has announced the launch of a global blockchain competition which seeks to support early stage startups using distributed ledger technology.

The Spanish megabank's $100m venture capital firm – which recently participated in Ripple's $32m funding round – is offering the winner a $15,000 cash prize as well as access to its technology and business experts.

Mariano Belinky, managing partner of Santander InnoVentures, said in a statement:

“Distributed ledger technologies will create huge value for customers, banks and entrepreneurs who create new businesses around it. The Challenge will spark and accelerate that process for FinTech startups.”

Santander InnoVentures has partnered with startup agency OneVest, which will provide mentorship and guidance before presenting the winner to its community of angel investors.

Applications are now open and will close on 31st December. The finalists are due to be announced in early January and the competition is scheduled to take place in New York at the end of the same month.

The announcement comes after Belinky told CoinDesk that bitcoin's underlying blockchain technology was "a powerful one" in April this year.

Competition image via Shutterstock.