Harmony Announces $1M Hackathon to Bridge TradFi and DeFi

Harmony has announced a million-dollar hackathon on its official Twitter! The open blockchain supporting all digital assets and collectibles will hold a hackathon to bridge TradFi and DeFi.

As per the announcement, Harmony, along with its prize partners, will be giving up to $1,000,000 in prize money and non-dilutive funding. The blockchain platform focuses on encouraging users to BUIDL, and with this hackathon, it aims to reach at least one million users.

In choosing to bridge TradFi and DeFi, Harmony wants to bring more elements from traditional finance to the industry. This takes into account the fact that most people developing decentralized finance, do not originally belong to a finance background. With this initiative, Harmony wants to bring both together to share each other’s strengths and grow the industry further.

Harmony said on its Twitter:

“We can help them understand and harness the power of DeFi and teach them a lot as well. We want this to be a “we” thing, NOT TradFi vs DeFi. Our vision is that this hackathon becomes their onboarding vehicle.”

In this tweet, Harmony is talking about the creators of DeFi protocols.

Further, it talks about the main challenges that Harmony needs to address. These are:

• Cross-chain and Trustless Bridges
• Social Wallets and Keyless Security
• Cross-border with Fintech Integrations

More details about the hackathon will be announced soon. Expected additions to the event will be a series of talks, workshops, fireside chats with thought leaders, panel discussions as well as partner spotlights.