On March 2, Polygon network teamed up with Mercy Corps to support the vulnerable groups in developing countries. The team agreed to invest in blockchain and Web3 technologies to develop innovative solutions to address challenges battling communities in marginalized regions.
Additionally, the partnership aims to launch projects that will benefit the vulnerable group socially and economically.
Objectives of the Polygon and Mercy Corp Partnership
The March 2 official announcement conveyed by Mercy Corps revealed that the partnership would finance blockchain projects to reduce the number of the unbanked population. The team will prioritizes launching blockchain pilot programs to digitize the traditional financial system in marginalized regions.
Also, the partnership will launch hackathons and blockchain boot camp projects for developers. This programs will be held at Mercy Corps regional offices to inspire the creators to develop cutting-edge innovative solutions to life problems.
Recently, Mercy Corps launched a funding opportunity “Crypto for Good Fund 2” program to support establishing blockchain projects. The new funding project aims at upholding financial inclusivity and addressing climatic changes. The project has more than 200 beneficiaries who have interest in blockchain technologies.
Besides the partnership, Mercy Corps joined the world to support the February 6 Turkey-Syria earthquake victims. The attempt to uphold the quality of life necessitated the non-profit firm to launch multiple fundraising projects to assist the earthquake victims.
The company reported that fundraising efforts generated $60000 donations channeled through the leading crypto exchange Binance.
Challenges Facing the Marginalized Groups
Based on the Mercy Corps slogan “Be the Change,” the company is making bold moves in eradicating poverty among socially excluded families. In the attempt to mitigate poverty, the company has invested in improving the accessibility of financial services, including insurance and loans to the unbanked population.
A recent report from the World Bank revealed the unbanked population reached 1.6 billion in 2022. Therefore, taking note of the Mercy Corps findings, the risk of financial exclusion diminishes the quality of life since it discourages the culture of saving.
The team argues that a lack of substantial savings prompts an individual to devlop borrowing habits. Surprisingly, Mercy Corp’s efforts spearheads the attainment of the 17 sustainable development goals (SDGs) that aim to support the communities’ peace and prosperity.
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