Circle, a global financial technology firm, releases its first Global Impact Report on the grounds of the United Nations.
Examples in the report from Circle reportedly demonstrate the “inherent” power of open blockchain-based financial infrastructure to streamline aid delivery as well as remittances for humanitarian organizations throughout the world.
Through Circle Impact, Circle’s initiative to assist with creating a more inclusive financial system, the Fintech firm is able to work with a fast-growing network of partners in an effort geared towards redefining financial access as well as aid distribution processes.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle explained that they are focused on empowering consumers and businesses who tend to get left behind by traditional financial systems. They aim to do this with Circle’s technologies and infrastructure.
Disparte added that the Global Impact Report highlights Circle’s mission of raising global economic prosperity through “frictionless exchange of value,” marking considerable progress towards a more accessible open financial ecosystem.
The report aims to note the significant achievements of Circle Impact over the past year and offers insightful examples of key collaborations that are enabling financial inclusion and USDC utility for humanitarian purposes (key initiatives include Airtm and Ensuro).
Mercina Tillemann Perez, Vice President, Circle Impact at Circle said that following Circle Impact’s inception at the end of 2021, they have been focused on advancing this work and expanding the community of organizations that harness Circle’s open-source tech to create transformative solutions.
The Global Impact Report highlights the contributions of initiatives like Unlocking Impact pitch competition, a series that helps support early-stage projects aligned with Circle’s mission and overall objective to enable “rapid, corruption-resistant humanitarian assistance globally.”
As explained in the update, forward-thinking companies are mobilizing to provide effiicient, cost-effective, and transparent solutions that support domestic communities:
For instance, Kura is using USDC in order to considerably reduce the cost of remittances and create efficiency for donor organizations, making it safer to send funds.
With 75% of remittances and foreign aid used for essentials, the cost savings are said to translate into considerable purchasing power for underserved segments of the population, particularly in fast-evolving emerging markets.
Another example: Goodwall, a talent community with about 3 million members, has reportedly made USDC their default in-app currency.
Goodwall incentivizes its global youth community by offering USDC in exchange for activities, like cleaning beaches or planting trees.
These activities are said to positively impact the environment and society while driving financial inclusion and literacy.
