Binance Charity and Mercy Corps Ventures partner to support fintech startups with $1 million
Global cryptocurrency exchange Binance has announced a $1 million commitment to Mercy Corps Ventures (MCV), the impact investment arm of global development organization Mercy Corps via its philanthropic arm Binance Charity.
Up to five high-impact companies leveraging ethical fintech and Web3 solutions to increase financial inclusion and resilience for marginalized and low-income communities will receive investment money from this funding round, according to information shared with Finbold on April 20.
According to the press release, startups in developing economies are said to greatly benefit 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 are thrilled to partner with Mercy Corps Ventures to support their mission to advance financial inclusion through innovative digital solutions. The partnership perfectly expresses 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 so far, helping them get off the ground and secure a total of $396.7 million in follow-on funding. To help people in frontier markets cope with turbulence and prepare for the future.
Interestingly, 49% of the companies in the portfolio were founded by women and are focused on resilience-building solutions within 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 countries by deploying responsible and forward-looking digital solutions.
Binance Charity’s $1 million contribution will go to MCV’s seed and early-stage venture capital (VC) funds. 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, aid distribution, supply chain transparency and crypto-enabled wallets for sub-banks are all top priorities. Successful applications will be offered funding in addition to mentorship, guidance in measuring impact, access to collaboration opportunities, information sharing and brand exposure.
