This Thursday, global banking firm Santander will host its “X Global Challenge – Blockchain & Beyond” award ceremony on metaverse platform Decentraland.
The event invites firms aiming to resolve modern web3 and Metaverse concerns, including blockchain privacy, and security to boost Defi, enhancing tokenism, and improving digital interactions.
Tomorrow we’ll be announcing the winners of the Santander X Global Challenge | Blockchain & Beyond, aimed at the most innovative startups and scaleups with potential using blockchain technology. Stay tuned!
🔴 Live broadcast on Decentraland at 4 PM CEST: https://t.co/hwq1XZVyhF pic.twitter.com/Z4AQ96xpNx
— Santander X (@SantanderX) July 13, 2022
Santander received applications from roughly 400 firms from 11 countries. Event judges refined applicants into 20 finalists – including ten startups and ten scaleups.
From its finalists, Santander will give three startups €10,000 and three scaleups €30,000 as prizes, with winners gaining access to Santander X 100, a community hub of selected small and medium enterprises (SMEs).
The hub connects new businesses with training, capital, customers, talent, and networks. Santander is also giving winners an exclusive NFT designed by Oxentia Foundation.
Sandantar will also debut its event on 14 July at 4 pm CEST, where the bank will host its challenge on the Decentraland platform for online event attendees using their unique avatars. Attending Decentraland users will also receive a unique event cap and a bracelet for their avatar.
Banking on the Metaverse
The news comes after South Korean commercial bank KEB Hana Bank partnered with The Sandbox to provide limited virtual reality (VR) banking services. The move targets new Gen Z customers, opening doors for new generations to engage with financial assistance.
Additionally, JP Morgan debuted a Metaverse bank on Decentraland in February. According to attendees, the launch faced problems with user experience issues and others. The bank also debuted JPCoin in 2019, which enables clients to send capital between businesses.
Late last year, US banking giant Bank of America announced that employees at roughly 4,300 of its financial centres would receive VR training, becoming the first such financial institution to do so.
HSBC Holdings is also making considerations towards the Metaverse. In May, the bank introduced a Metaverse Investment Portfolio for high and ultra-high net worth investors in Singapore and Hong Kong. HSBC’s fund supports investments into the Metaverse, including computing, infrastructure, and interfaces.
Additionally, in April, global credit card supplier Visa introduced an NFT creator programme to help SMEs harness modern eCommerce opportunities with NFTs, cryptocurrencies, and blockchain.
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