Elo launches innovation program for Brazilian startups focused on cryptocurrencies, DeFi and the metaverse

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Elo launches innovation program for Brazilian startups focused on cryptocurrencies, DeFi and the metaverse

One of the Brazilian giants of payment solutions, Elo announced on Tuesday, 2, the launch of a new phase of the Link Connectsan innovation program whose objective is to promote the development of products and solutions created by startups Brazilian companies with 100% local technology and workforce.

At this stage, Elo Conecta is open to proposals for projects focused on blockchain technology, cryptocurrencies, decentralized finance (DeFi), metaverse, means of payment, data analysis, cybersecurity, open finance and other emerging technologies that enhance greater efficiency and security for carrying out financial transactions and digital assets.

Elo Conecta intends to establish two-way relationships with startups in an early stage of development, offering resources for Brazilian entrepreneurs to carry out their business plans, as highlighted by Duda Davidovic, innovation superintendent at Elo, in the press release:

“We understand that fostering the Brazilian entrepreneurship ecosystem is a fundamental part of evolving and creating a series of new products that will make life easier for our customers. For Elo, the Open Innovation process is an opportunity to value ideas born in Brazil, more flexible and closer to the cultural reality of our population”.

Among the initiatives proposed by the program, the company highlighted the following: connection with potential customers, partners and market connections; access to Elo’s business units and specialists, with the aim of providing mentorships and contributing to ideation and mutual collaboration initiatives in product development; and direct participation in Elo’s technology hub for joint creation of new products.

In addition to sharing the company’s values ​​and culture, Elo Conecta grants a seal to the startups who participate in the program as a form of recognition.

Applications can be made directly through the program official website and will be open all year. There will be a pre-selection phase to choose the projects that best fit the criteria of the new stage of the program. The startups selected at this stage must submit their proposals to Elo’s innovation team, which will have the final word on the program participants.

Elo Conecta’s focus on projects linked to Brazilian cryptocurrencies, DeFi and blockchain technology follows a similar initiative announced in July by Santander, although the Spanish bank’s program had a global character.

As reported by Cointelegraph Brasil at the time, Rastra, a Brazilian startup of NFT solutions for the supply chain, was among the finalists of the Santander X Global Challenge.

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