Blockchain competition to award record prize money
A Zug-based investor group together with inacta AG have launched the Blockchain Competition, a new contest for InsurTechs. The winning team will receive prize money of USD 100,000 – the biggest prize worldwide for such a competition.
The Zug-based Lakeside Partners, a group of entrepreneurs who provide funding for early stage companies, as well as the digitalisation experts inacta AG have launched the Blockchain Competition. The call for entries opened on 10 April and will last until 30 July and is geared at teams and start-ups from around the world whose solutions have the potential to change the insurance industry.
The 10 best ideas will be given the opportunity to present their ideas on 22 November at the Theater Casino Zug, and then the top three will receive one year of professional coaching as well as office space in Crypto Valley in Zug. The first-place winner will also receive starting capital of USD 100,000 – the biggest prize anywhere in the world for this type of competition, according to an article.
“The fact that some of the driving blockchain organisations are based in Zug and also that politicians have recognised the location’s potential in regard to the fintech market encourages us in our efforts to create a vessel with the Blockchain Competition that has the potential to discover, reward and support unique ideas in the long term,” wrote the initiators.
Dolfi Müller, mayor of Zug, believes that the competition and the city make a good fit: “With our Bitcoin initiative, we have demonstrated that the town of Zug is committed to blockchain technology. The Blockchain Competition is therefore a perfect fit here. I am looking forward to this event in Crypto Valley.”