The founder of a fintech company in Ukraine is offering a $500,000 prize for the first to land a drone in Moscow's Red Square

• A Ukrainian bank owner offered a $500,000 prize to the first person who can land a drone in Moscow's Red Square.
• The competition will take place on May 9, which is a Russian holiday celebrating the Soviet defeat of Nazi Germany.

A Ukrainian fintech founder and drone developer is offering about $540,000 in prize money to the winner of a race to land a drone on Moscow's Red Square.

Volodymyr Yatsenko, the co-founder of Monobank, a Ukrainian online banking service, announced the competition in a Facebook post last week. The competition is open to any Ukrainian drone developers and will take place on May 9, according to the Ukrainian Military Center, a Ukrainian news outlet covering defense.

May 9 in Russia is Victory Day, a time when the country celebrates the Soviet victory over Nazi Germany.

Yatsenko himself is the developer of the Dovbush drone, which will also attempt the flight to the Russian capital but will not be a part of the competition, according to Forces, a Ukrainian military news blog.

"I hope that this amount will be fairly divided between the manufacturer and the military operators who will successfully complete the task, and will be directed to the improvement of the UAV," Yatsenko wrote on Facebook, according to a translation by Forces.

Yatsenko encouraged participating drone developers to write Ukrainian slogans on the wings of their drones, like "Glory to Ukraine," so that they can be identified when they land in Moscow, Forces reported.

Russia has flown its own Orlan-10 drones above Ukraine throughout its invasion and occupation of the country — which began in February last year— jamming Ukrainian signals and gathering intelligence, Insider previously reported. Each Orlan-10 drone costs between $87,000 and $120,000, according to the Worldwide Equipment Guide compiled by the US Army.