Paypal, the major payment platform announced a global hackathon for its stablecoin PYUSD, with prizes totaling 40,000 PYUSD.
Their goal is to boost innovation and the adoption of PYUSD on the Solana blockchain, following the stablecoin’s launch there.
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On Tuesday, the Paypal Tech Blog Team introduced the first Global PYUSD Portal Hackathon.
“Today, we are excited to unveil the first Global PYUSD Portal Hackathon, a collaboration between Paypal and Portal, built on Solana. This past May, Paypal announced that PYUSD was live on Solana, marking a new phase of opportunity and adoption for stablecoin payments.”
Portal is a platform that facilitates the integration of web3 and stablecoin payment features, offering various services such as embedded non-custodial wallets, account abstraction, card issuing, and token swaps.
The hackathon will run one month, from August 12 to September 16. The event will award the most innovative projects with a total of 40,000 PYUSD in prizes.
The winners will be recognized at the Solana Hacker House in Hong Kong this October.
Prize pool for the devs
Participants can compete for several prestigious awards, including a grand prize of 15,000 PYUSD.
Other awards include a 10,000 PYUSD runner-up prize, 5,000 PYUSD for innovation, and three awards of 3,500 PYUSD each for popular choice, top consumer application, and the best decentralized finance (DeFi) and trading application.
“The Global PYUSD Portal Hackathon will distribute total 40,000 PYUSD in prizes to 6 hackathon winners.”
It’s a marketing campaign for the PYUSD, combined with a dev competition
This hackathon highlights the advantages of using PYUSD on the Solana blockchain, such as low-cost, private, and customizable transactions.
The initiative wants to promote PYUSD as a viable option for digital payments and encourage innovative applications in the web3 space.
By encouraging the competition, Paypal wants to advance the adoption of stablecoins and also enhance the digital payment sector, or at least strenghtening their position.
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