Friday, January 21

500 thousand pesos for Argentine startup that created a charity project with cryptocurrencies

Key facts:
  • The University of San Andrés held a contest for entrepreneurship based on innovation and blockchain.

  • The blockchain winner was Wooy, a DeFi business project that generates free donations.

More than one hundred business ideas participated in the Startup Competition 2021, an event organized by the University of San Andrés to promote entrepreneurship in Argentina. This year for the first time the contest featured the blockchain category, which was sponsored by the Stellar Development Foundation.

The blockchain category had the goal of convening startups innovative to propose a value proposition to solve problems in the cryptocurrency industry. Also, the contest It also had an innovation category in which you could rate any type of business.

Business ideas from all over the country participated in the competition and five finalists were selected from each of the two categories. Those chosen had a margin of fifteen minutes to present their startup plans in front of a jury made up of specialists in the field in the auditorium of the University of San Andrés, where CriptoNoticias was present.

Wooy was the winning blockchain and cryptocurrency startup

The jury of the Startup Competition It was made up of representatives from Banco Comafi, Bitgalea, Bitflow, ARCAP, SparcLab, and Bitfinex. After analyzing the proposals of each contestant, the team chose Wooy as the best startup based on blockchain.

Winning the contest allowed the founders of the startup obtain a prize of 500,000 pesos, which is equivalent to 2,500 dollars, to promote its development globally from Argentina. The money will be paid in stablecoin USD coin (USDC) to honor the cryptocurrency ecosystem.

Wooy is an organization created by four Argentines that collects donations with tokens for a charitable cause. The funny thing about his project is that those who donate can withdraw their money after a certain period of time. This is because all the funds raised are placed in a fund that earns interest through decentralized finance (DeFi).

After a set time, the interest generated is donated to a non-governmental organization and participants can move their funds to another charitable cause or withdraw them. At the same time, a prize is raffled among all participants to motivate the donation. This can be a trip, a celebrity experience, or non-fungible tokens (NFTs).

Wooy’s founders convinced the jury with their blockchain-based business project.
Source: Screenshot /

The creators of Wooy are Joaquín Álvarez Vitale, Agustín Villalba Orüe, Matías Batolla and Damián Dabryc. After the event, The team revealed to CriptoNoticias that their plan is to launch the business in the first or second quarter of 2022.

Argentina is one of the countries with the highest concentration of businesses and young people immersed in the cryptocurrency ecosystem. This is something that entities such as the University of San Andrés, among other institutions, are promoting with contests that reward industry projects. As reported by CriptoNoticias, there was recently another contest in the country on blockchain.