Polygon secures new partnership to fund blockchain pilots, spur climate action and offer secure ID solutions in the billion-dollar market
- Polygon and Mercy Corps will work together to push the benefits of blockchain solutions in underserved communities.
- The two players plan to fund blockchain pilots, conduct a series of hackathons and run a blockchain bootcamp roadshow to spread awareness.
On Thursday March 2, Polygon Labs, the parent company behind Polygon blockchain, has taken a new initiative to accelerate the use of blockchain-based solutions for low-income individuals, the underserved and communities in the emerging market.
To achieve this mission, Polygon Labs has partnered with Mercy Corps Ventures (MCV), the impact investing arm of the global development organization Mercy Corps. Over the past eight years, Merch Corps Ventures has invested in solutions that help underserved groups become part of the formal global economy. So far, they have backed more than 41 early-stage ventures to scale and raise more than $335 million in follow-on capital.
Although there have been many discussions about the merits of blockchain and Web3 solutions, they have not really led to anything fruitful for the underbanked populations in emerging markets. Even solutions that exist in reality lack action results so that a business case can be built.
Polygon Labs is proud to partner with @MCSocialVenturethe impact invest arm of @mercycorpsto pilot real use cases by providing #Web3 tools, resources and solutions for emerging markets, to strengthen underserved communities.
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— Polygon (@0xPolygon) March 3, 2023
Mercy Corps Ventures has actively piloted several Web3 solutions to responsibly test, mitigate risk and build the evidence base for promising, breakthrough innovation. All these solutions utilize Web3 to explore nascent areas of the thesis. They also use Web3 to build resilience for underserved individuals and communities.
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The partnership’s three main pillars
The partnership of Mercy Corps Ventures (MCV) with Polygon Labs will have three main pillars:
- Funding blockchain pilots to provide access to the financial system for underserved and excluded communities. The two players will work to offer tailored blockchain solutions to the 1.4 billion underbanked population. This will ultimately enable an inclusive and fair global financial system.
- MCV and Polygon Labs will conduct a series of blockchain hackathons with developers and thereby serve new market users to increase awareness and education on how blockchain solutions can help solve local challenges.
- The third pillar runs a blockchain bootcamp roadshow in all the markets where Mercy Caps is present. This effort will help provide “education and information sessions for local educational institutions, NGOs and other organizations that want to improve their operations through blockchain technology”.
To drive global financial inclusion, MCV launched Crypto for Good Fund II last month. They will conduct a series of pilots to build evidence to prove the scalability of blockchain-based solutions and their impact on emerging markets. During the first phase of the fund launch last year, MCV has already received over 200 applications from more than 50 countries worldwide. Applications for the second round are already ready for 31 March.
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