Trust Square - Managing Crypto Prize Payouts

Problem

Managing prize monies in both fiat currencies and different crypto tokens for the Swiss Blockchain Hackathon 2021 was a significant challenge. 

The process was slow, laborious, and error-prone, with the need to track and account for various prizes in native tokens of the protocols sponsoring the hackathon, including those not compatible with the Ethereum Virtual Machine (EVM).

After the event, it would also have been a lengthy and tedious effort to meticulously detail payouts of the prizes, and reconcile participants’ data like wallet addresses from an Excel sheet. 

In previous events, the crypto prizes had to be transferred to a hardware wallet and then transferred individually to each winner – a very cumbersome procedure.

Solution‍

As the hackathon organizers, using Request Finance is an easier and less error-prone way to manage crypto payments in different tokens. The ability to make batch payments meant we could effortlessly manage, and pay invoices en masse with just one click. This ensured that all the winning teams were paid promptly, and without error after the hackathon.

Winning teams can use Request Finance to send pre-filled invoices with the correct payment information linked to their email accounts. This helps to prevent administrative errors, and save time from not having to retrieve and key in the right payment details.

It's a great way for event organizers like Trust Square to manage crypto payments for sponsorships, ticket sales, and competition prizes. ‍

Efficient and versatile‍

The entire setup was completed within a day, and the ability to send pre-filled invoices saved significant administrative time.

Over $380,000 in fiat, crypto, and other swag was awarded in 17 prizes among the 29 teams, including $65,000 in crypto tokens, all managed effortlessly using Request Finance invoicing for Swiss Blockchain Hackathon 2021.

Request Finance supports over 150+ different cryptocurrencies and stablecoins all denominated in fiat currencies, offering flexibility in payment options. It also allows both the prize claimants, and Trust Square to easily monitor the status of invoices they receive, and to verify that a payment was made, all within the web app. 

The results were clear,  Frederic Meyer-Scharenberg, Technology Hub Manager at Trust Square AG’s, organizer of the Swiss Blockchain Hackathon 2021, said why they chose to use Request to pay out crypto prizes at their event:

“Using Request, we could effortlessly manage, and pay invoices denominated in both fiat and crypto. This ensured that the winning teams were paid promptly, and without error after the hackathon”.

About the Swiss Blockchain Hackathon

This year’s Swiss Blockchain Hackathon, or #SBHACK21 saw over 400 participants from 31 countries come together to tackle real-world challenges with applications built on cutting-edge blockchain protocols like Algorand, Casper, NEAR Protocol, Streamr, and Velas. 

The sixteen-day hackathon held in October, took place simultaneously at locations across Switzerland, with many more joining in online from around the globe. Over $380,000 in fiat, crypto, and other swag was awarded in 17 prizes among the 29 teams who took part in SBHACK21. Of which, $65,000 was awarded in crypto tokens.