Binance Charity, the philanthropic arm of the largest crypto exchange, Binance, has pledged to donate $1 million to Mercy Corps Ventures (MCV). This venture capital fund invests in high-impact startups with responsible fintech and Web3 solutions to promote financial inclusion and resilience for underserved and low-income groups.
The partnership between Binance and MCV aims to provide critical support to emerging market startups by providing them access to capital, technical assistance, and business development support. The donation from Binance Charity will specifically support the seed and early-stage venture capital fund of MCV.
To date, MCV has invested in 43 early-stage ventures, helping them to scale and raise over $396.7 million in follow-on capital. MCV also manages the Crypto For Good Fund, which provides grant funding to mission-driven social enterprises that leverage Web3 technology to solve pressing problems in various regions worldwide. This year, the fund received 200 applications from 50 countries. Priority areas include access to credit for unbanked users, nature-based solutions for climate resilience, humanitarian aid delivery, transparent supply chains, and crypto-enabled wallets for underserved users.
The partnership between Binance Charity and MCV seeks to foster greater financial inclusion and drive positive change in emerging markets through reliable and innovative digital solutions. Binance Charity’s Head, Helen Hai, expressed her excitement for the partnership, saying it perfectly embodies the company’s goal of using blockchain technology to transform lives and create more opportunities for underserved populations. Meanwhile, Chief Investment Officer at Mercy Corps, Scott Onder, shared that he is excited to further their mission and support innovative entrepreneurs to solve the world’s most pressing problems by responsibly deploying technology.
Binance Charity is a non-profit organization dedicated to unlocking Web3 as a powerful tool for social change. Their mission is to enable Web3 as a driver of social transformation by making education and research accessible to all and advancing global solutions for local humanitarian impact. Mercy Corps Ventures invests in and catalyzes venture-led solutions to increase the resilience of underserved individuals and communities. They catalyze the ecosystem toward smarter and more impactful investments through capital and support, piloting new approaches, and rigorously managing impact.
This donation by Binance Charity to MCV is a significant step towards promoting financial inclusion and resilience for underserved and low-income groups. With the support of responsible fintech and Web3 solutions, emerging market startups can access the capital and technical assistance they need to scale and create positive change in their communities. The partnership between Binance Charity and MCV is a promising development in the world of philanthropy and impact investing, and we can only hope to see more collaborations like this in the future.