Binance Charity Pledges $1 Million to Boost Inclusive Fintech Start-ups with Mercy Corps Ventures
Binance Charity, the philanthropic subsidiary of Binance, the world’s leading cryptocurrency exchange, has committed a $1 million donation to Mercy Corps Ventures (MCV), the impact investing division of global development organization Mercy Corps. The funds will be used as investment capital for up to five high-potential start-ups that focus on responsible fintech and Web3 solutions to promote financial inclusion and resilience for underprivileged and low-income individuals.
The collaboration between Binance and MCV aims to offer essential support to start-ups in emerging markets by providing access to capital, technical assistance and business development support.
MCV has invested in 43 early-stage ventures to date, helping them scale and raise over $396.7 million in follow-on capital. Their portfolio is 49% female-founded and focuses on resilience-building solutions in adaptive agriculture and food systems, inclusive fintech and climate-smart technologies, enabling those in frontier markets to adapt to disruption and plan for the future.
The partnership between Binance Charity and MCV aims to enhance financial inclusion and drive positive change in emerging markets through responsible and innovative digital solutions.
Binance Charity’s $1 million donation will specifically support MCV’s seed and early-stage venture capital fund. MCV also manages the Crypto For Good Fund, which grants funding to mission-driven social enterprises that leverage Web3 technology to address pressing global issues.
This year’s fund received 200 applicants from 50 countries, focusing on areas such as credit access for unbanked users, climate resilience, humanitarian aid delivery, transparent supply chains and crypto-enabled wallets for underserved users. Successful applicants will receive funding, mentorship opportunities, impact measurement advisory, access to partnership opportunities, knowledge exchange and brand exposure.
