Global cryptocurrency exchange Binance has announced a $1 million commitment to Mercy Corps Ventures (MCV), the impact investment arm of the global development organization Mercy Corps via its philanthropic arm Binance Charity.
Up to five high-impact firms that are leveraging ethical fintech and Web3 solutions to increase financial inclusion and resilience for marginalized and low-income communities will receive investment cash from this round of funding, according to information shared with Finbold on April 20.
As per the press release, startups in developing economies are said to benefit greatly from the combined resources, connections, and expertise that Binance and MCV will bring to the table through this relationship.
Head of Binance Charity, Helen Hai, said:
“We’re thrilled to partner with Mercy Corps Ventures to support their mission of promoting financial inclusion through innovative digital solutions. The partnership perfectly embodies our goal of using blockchain technology to transform lives and create more opportunities for underserved populations.”
MCV investments
MCV has invested in 43 early-stage businesses thus far, helping them get off the ground and secure a total of $396.7 million in subsequent funding. To help people in frontier markets weather turbulence and prepare for the future.
Interestingly, 49% of the companies in its portfolio were established by women and are focused on resilience-building solutions in adaptive agriculture and food systems, inclusive finance, and climate-smart technology. Together, Binance Charity and MCV will help expand access to financial services in developing nations by deploying responsible and forward-thinking digital solutions.
Binance Charity’s $1 million contribution will go toward MCV’s seed and early-stage venture capital (VC) fund. In addition, MCV oversees the Crypto For Good Fund, a grant program for organizations with a social mission that use Web3 technologies to address global challenges.
Over 200 applications received
A total of 200 applications from 50 countries across Africa, South and Southeast Asia, Latin America, the Caribbean, the Middle East, the Pacific Islands, and the Western Balkans have been submitted to the Fund this year.
Credit for the unbanked, natural climate resilience solutions, assistance distribution, supply chain transparency, and crypto-enabled wallets for the underbanked are all top priorities. Successful applications will be offered financing in addition to mentorship, guidance in measuring effect, access to partnering possibilities, information sharing, and brand exposure.
