Swiss crypto exchange invites developers to propose blockchain-based solutions to fight the economic impact of COVID 19.

Swiss crypto exchange Lykke's new contest looks to give developers money to pursue new tech proposals that promise to aid the economic recovery in the wake of the pandemic.

Switzerland-based crypto exchange Lykke announced on Tuesday that it would be offering four prizes totaling 200,000 Swiss Francs $205,800 as part of the Open Initiative. The crypto exchange, with its initiative, is looking for tech proposals from developer teams for blockchain-based solutions to problems linked to current economic turmoil, divided into four categories. Lykke CEO Richard Olsen, former CFTC Chairman Christopher Giancarlo, and Ashkan Nikeghbali, a professor at the University of Zurich, will judge the contest. 


Proposals would be divided into four categories. 

Giancarlo is serving as a strategic advisor to the crypto exchange’s Open Initiative. The blockchain-based solutions will be put into four categories: blockchain-backed platforms for digital vouchers, supply chains, a real-time economic news system, and the more general category of research initiatives. Lykke CEO Richard Olsen told the crypto news platform Cointelegraph that he views major technical innovation as the next stage of economic recovery. What’s lacking is a profound innovation that addresses the inefficiency of the economic system, the CEO said. 



“Crisis stimulates imagination and innovation.”

Swiss crypto exchange Lykke CEO further said that one of the things that crisis does is that stimulates imagination and innovation. He further noted that people are not faced with the tension in a normal way of doing things during peaceful times. And then suddenly you have a crisis like this, referring to the ongoing pandemic, that puts enormous tension on traditional processes.

 He believes that a key issue we are facing now is that the governments have been more in a reactive, more panic-like mode. And it’s now, as the first onslaught has happened and people get back to work that it’s crucial to now be strategic, he added. Submissions are accepted from all over the world in this open initiative. The jury will pick up winners after the current window of submission ends on 3rd July. 

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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