Indian cryptocurrency exchange CoinDCX has announced a virtual hackathon, in the hopes of strengthening India’s crypto market.
For this latest event, CoinDCX will partner with the Solana blockchain, as the exchange confirmed on their official Twitter.
The exchange will also organize the event in association with Devfolio. The company has helped host hundreds of hackathons all over the world. This includes India’s largest Ethereum hackathon, ETHIndia, which Devfolio’s late CEO Shakti Goap founded. The tech entrepreneur passed away earlier in May, after suffering with COVID-19.
Devfolio postponed their latest ETHIndia online hackathon, ETHOdyssey, in April. The company’s official twitter stated this was due to the ongoing COVID-19 situation in India. They postponed the event again in May. The month-long hackathon is currently scheduled to begin on June 25.
CoinDCX announced their partnership with Devfolio and Solana amid the Solana Season Hackathon. An even that began on May 15 and will run for 20 days, ending on June 7. Reports indicated from the beginning that Devfolio and CoinCDX would contribute to the event’s India track. A track that would have a $50,000 prize pool, a fraction of the $1 million prize total.
Reports also stated that the event had attracted over 10,000 registrations. Many of whom represent the best projects from India, comprising of developers, designers, and entrepreneurs among others.
The crypto community in India
Both CoinDCX and Solana reps have shared their hopes that the hackathon will boost the crypto and blockchain communities in India.
2021 has been an eventful year thus far for India’s cryptocurrency space. Not least with the uneasy debate on the country’s actual stance on crypto. On May 19, reports indicated that the Indian government would engage a new panel of experts to debate cryptocurrency regulation in the country.
Other topics for discussion will include the idea of implementing blockchain technology. Plus a Central Bank Digital Currency (CBDC) for India, namely the digital rupee.
This revelation, in turn, followed reports that the Reserve Bank of India (RBI) had recommended that lenders sever ties with exchanges based in the country. Meanwhile, a ban on private cryptocurrencies in India remains a topic for debate with the country’s parliament.
Deliberations on that score appear to have been stalled by the severe COVID-19 situation in India. So severe that Ethereum co-founder Vitalik Buterin was among the many who donated cryptocurrency funds for COVID-19 aid back in April.