Polygon companions with Mercy Corps to empower marginalized communities

The Polygon blockchain community has partnered with Mercy Corps’ funding arm, Mercy Corps Ventures, to convey blockchain options to marginalized and low-income communities in growing areas.

Partnership to construct blockchain options for the marginalized

Polygon introduced the brand new alliance, which goals to supply blockchain and Web3 options to “historically excluded and marginalized areas,” in a weblog put up on March 2.

Per the announcement, the partnership will give attention to a number of targets, together with offering cash for blockchain pilots to open up the monetary system to unbanked populations. 

The partnership may also fund hackathons for tech builders servicing prospects in rising markets and set up blockchain boot camp roadshows in locations the place Mercy Corps is lively.

The brand new partnership comes solely weeks after Mercy Corps Ventures unveiled its Crypto for Good Fund II. The group established the fund to create blockchain-based tasks to advertise world monetary inclusion and enhance local weather resilience.

The fund’s preliminary model began in 2022 and had round 200 candidates.

Crypto involves assistance from catastrophe victims

Mercy Corps was additionally concerned in a number of fundraising initiatives from the crypto neighborhood to supply assist in the wake of the current earthquake that ravaged areas of Turkey and Syria.

The group declared it had acquired a 50/50 cut up of the roughly $60,000 in complete donations made on the time by Binance.

The World Financial institution estimates greater than 1.6 billion individuals globally lack essentially the most rudimentary checking, financial savings, or cell cash accounts. Moreover, they need assistance accessing monetary providers like insurance coverage, loans, or mortgages.

The price of monetary exclusion is excessive. It impacts individuals’s high quality of life, stops them from saving for the long run, offers them few protections in the event that they turn into ailing or lose their supply of livelihood, and leaves them open to usurious and unscrupulous lenders.

Seven of the United Nations’ (UN) 17 Sustainable Improvement Objectives (SDGs) reference monetary inclusivity as a vital part for enhancing the lives of marginalized individuals.

Leveraging Web3 for monetary inclusivity

Based on Polygon and Mercy Corps, blockchain and Web3 options have generated a number of hype, however underbanked populations have but to really feel their impression.

Though some precise use instances exist, most want extra quantifiable outcomes to make a business case for the applied sciences. For that purpose, Mercy Corps says it’s piloting web3 options to check and develop the proof base for promising blockchain improvements that may construct monetary resilience in underprivileged individuals and communities.

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