Introduction to Bitso and MXNB
Bitso, a leading cryptocurrency platform in Mexico, has announced the launch of “Hackathon MXNB,” a global competition aimed at gathering developers and innovators to build solutions around “MXNB,” a Mexican peso-backed cryptocurrency. This event is supported by Arbitrum, QED Investors, and Portal, all contributing to redefine the future of digital finance.
Growth of Stablecoins
The announcement comes amidst the significant growth of stablecoins, cryptocurrencies backed by fiat currencies like the US dollar. In May 2025, the market capitalization of these assets surpassed $240 billion, moving trillions in annual transaction volume, particularly in payment operations and international transfers. Stablecoins have gained popularity due to their ability to bypass traditional financial systems’ limitations.
Hackathon Objectives and Prizes
During the hackathon, participants will develop projects focused on enhancing MXNB payment efficiency, building DeFi solutions that eliminate intermediaries like banks and enable direct user-to-user financial operations through blockchain technology, leveraging MXNB’s capabilities. Additionally, participants can explore new technological ideas centered on digital experiences built on Arbitrum.
The competition offers prizes for top projects, including up to $7,000 in grants, personalized mentorship, and credits for Bitso Business platform usage. Projects focusing on Arbitrum will also receive up to $3,500 and one year of free access to the Arbitrum network via Paymaster services.
Bitso’s Vision for MXNB
Ben Reid, Director of Stablecoins at Bitso Business, stated, “By fostering the development of MXNB-based solutions, we’re paving the way for a more accessible, efficient, and inclusive financial future. This means empowering consumers and enabling businesses to scale globally while providing secure, regulated access to the Mexican market. We believe the Hackathon will accelerate this vision, acting as a catalyst for innovation and a crucial step to unlock the full potential of stablecoins.”
Key Questions and Answers
- What is Bitso? Bitso is a prominent cryptocurrency platform in Mexico, facilitating digital asset transactions and fostering innovation in the financial sector.
- What are stablecoins? Stablecoins are cryptocurrencies backed by fiat currencies, such as the US dollar or Mexican peso, offering price stability and reducing volatility.
- Why is the Hackathon MXNB significant? The event aims to develop innovative solutions using MXNB, a Mexican peso-backed cryptocurrency, to create a more accessible, efficient, and inclusive financial future.
- What are the prizes for the Hackathon? Winning projects will receive grants of up to $7,000, personalized mentorship, and credits for Bitso Business platform usage. Arbitrum-focused projects will also get up to $3,500 and one year of free Arbitrum network access.
