In today’s world, there are countless individuals and communities around the globe who lack basic necessities, such as financial access. New technologies such as blockchain bring new possibilities to tackle these challenges that traditional systems have been failing to address and deliver. However, adopting these new technologies for finance is proving to contribute far more than is visible at the surface.
Blockchain’s differentials like transparency, reliability, global scale, and cost optimization catalyze the impact of projects like impactMarket, further driving financial inclusion to underprivileged populations. Doing more with less, impactMarket enables donors and funders to maximize their contribution while empowering people worldwide with a comprehensive range of inclusive solutions.
impactMarket is dedicated to paving the way toward financial inclusion and education by harnessing DeFi to unfold human potential. In order to accomplish these goals, impactMarket has built and continues to build multiple borderless and censorship-resistant financial tools and services that will give people power over their circumstances, generating sustainable economic environments.
Communities who live in places without a stable economy or are often excluded from it, like unprivileged citizens and refugees, use impactMarket’s Human Empowerment Protocol to meet their basic needs and create diverse opportunities to improve their lives. Building around DeFi, impactMarket allows beneficiaries to access inclusive financial tools and services, and to receive and cash out their funds easily and quickly with no condition.
By being a blockchain-driven financial inclusion hub and an industry reference for social impact, impactMarket is becoming a catalyst in realizing some significant Sustainable Development Goals. Through the protocol’s new DeFi products and services, impactMarket focuses on:
SDG 1: Ending poverty in all its forms everywhere
SDG 4: Ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all
SDG 8: Promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all
SDG10: Reduce inequality within and among some countries
SDG 17: Strengthening the means of implementation and revitalizing the global partnership for sustainable development
Since its foundation:
Around $3M of funds has been distributed to underprivileged people worldwide in Unconditional Basic Income.
impactMarket has become one of the world’s largest blockchain-based UBI systems, reaching over 46,000 beneficiaries in 269 UBI communities to help them cover their basic needs and invest in raw materials, livestock, and tools to secure long-term financial opportunities.
impactMarket’s microcredit feature has been piloted with 200 individual borrowers, having lent 90,000 Celo Dollars in microcredit.
To develop impactMarket’s leading web3 protocol and expand into vulnerable communities in the poorest countries, the company has raised a total of $2.1M until January 2022 ($1.6M in pre-seed and seed equity rounds and $500K through an IDO).
The protocol’s governance token, $PACT, was launched through an IDO (Initial Decentralized Offering) on Polkastarter, and the donors of impactMarket started to be rewarded with $PACT with the impact Farming mechanism.
impactMarket launched the Staking Mechanism for $PACT holders, enabling them to earn passive income and become the influencers of the protocol’s future health, direction, growth, and impact.
In November 2022, impactLabs, the company managing the impactMarket protocol, announced the launch of its validator group, directly supporting the Celo network and helping ensure its integrity. The goal is to donate all profits from running the Validator group directly to impactMarket communities.