The WhiteMoney project, a system of payments between legal entities based on the distributed blockchain network, emerged as a winner in InspiRussia hackathon – touted as the largest fintech event in the country.
InspiRussia is a continuation of InspirAsia established by Life.SREDA VC, a Singapore-based fintech-focussed venture capital fund. The event held at the Innopolis University was also backed by Tatfondbank, Sberbank (Sberbank Tech), Microsoft and QIWI.
The fintech-focussed event featured developments in sectors such as online debt transactions, payment processing technologies, blockchain based smart contracts, payments with no intermediary banks, communication using bots, micropayments using bots amongst others.
The 300 global participants, ranging from as young as 7 years old to 53 years old, were given 24 hours to assemble a team and create working prototypes. The teams then made a three-minute presentation in front of a jury.
Maxim Avdeyev, CEO of the InspiRUSSIA accelerator said, “It is easier to create projects out of the bounds of the corporation”
Ramil Nasyrov, First Deputy Chairman of the Board of Tatfondbank, PJSC added, “We will try to support the hackathon participants in every possible way; we are ready to integrate the best ideas into the bank right “after graduation”.
Life.SREDA VC, founded four years ago, remains one of the world’s first funds to have an exclusive focus on Fintech. The fund has also invested in more than 20 international start-ups including Simple, Moven, SumUp, Rocketbank.
Back in April 2016, the fund also launched an independent “Banking on Blockchain Fund” with a capital of $50 million to target innovations in blockchain technology in businesses throughout Europe and Asia.
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