Cryptocurrency exchange Bitget has partnered with Solana to launch a new hackathon aimed at fostering the development of startups on the Solana network.

Cryptocurrency exchange Bitget has partnered with Solana to launch a new hackathon aimed at fostering startups on the network.

In an Aug. 19 press release shared with Coin Insider Daily, the trading platform revealed that the “Solana x Bitget Hackathon” will focus on developers working on proof-of-concept systems, minimum viable products, and other blockchain applications. The initiative aims to help developers “unlock creativity, enhance technological understanding, and support Solana-based (SOL) projects with mentorship from industry veterans.”

The hackathon, supported by Solana Superteam Vietnam and Bitget Wallet, will reward winners with a share of a $30,000 prize pool and opportunities to engage with venture capitalists “like Foresight Ventures,” the press release reads.

Bitget anticipates a surge in developer activity on Solana

Bitget Chief Executive Gracy Chen says the event is part of a broader effort to support the local developer ecosystem, adding that this is the “first time Bitget has organized a hackathon in Vietnam to support the growing developer ecosystem in the region.”

Vietnam’s active involvement in the crypto space is noteworthy, as it ranked third globally in crypto gains for 2023 with $1.18 billion, trailing only the U.K. and the U.S., according to data from Chainalysis.

The launch of the hackathon also coincides with recent developments in the broader crypto landscape. Earlier in August, the Brazilian Securities and Exchange Commission approved the country’s first Solana exchange-traded fund, created by asset managers QR Asset and operated by Vortx.