TBD, a subsidiary of Block, in partnership with the Africa Bitcoin Conference, has announced the launch of the TBD Hackathon. The competition is set to drive innovation and technological advancement in payment systems across Africa by utilizing the tbDEX open-source protocol.

In a statement released on Monday, the organisers invited developers from across Africa to participate by creating a payment application that harnesses the capabilities of tbDEX. Participants are tasked with building a wallet application integrated with tbDEX, with access to a sandbox of participating financial institutions to test its functionality.

Teams of up to two people will be competing, using the tbDEX SDK to develop their projects. Six finalist teams will be selected and flown to Nairobi, Kenya, to present their creations at the Africa Bitcoin Conference, where they will pitch to a panel of judges.

The hackathon offers significant rewards, with the top three projects receiving Bitcoin prizes: First Prize of $15,000, Second Prize of $10,000, and Third Prize of $5,000.

The submission period for the hackathon will close on September 15, 2024, with the final event scheduled for December 9-11, 2024, in Nairobi.

The initiative aims to provide African developers with a unique opportunity to address critical challenges such as limited banking access, high transaction fees, and inefficient cross-border payments through innovative payment solutions.

Angie Jones, Global VP of Developer Relations for TBD, encouraged participation, stating, “We invite developers, entrepreneurs, and innovators from all over Africa to join us. Whether you are a seasoned professional or a passionate newcomer, the TBD Hackathon is the ideal platform to develop the next generation of financial tools for the continent.”