Bybit invests $1M in EthicHub to provide fair loans, boost coffee farmers’ productivity, and promote blockchain-driven financial inclusion for rural communities.
Bybit, the second-largest cryptocurrency exchange by trading volume, has invested $1 million in EthicHub. It has entered the Blockchain for Good Alliance (BGA) which supports social implementations of blockchain technology. The company envisions blockchain technology will serve society by creating positive change.
The Blockchain for Good Alliance launched by Bybit in April 2024 has led the company to develop blockchain-based solutions for actual societal challenges. EthicHub stands out among projects supported by BGA Incubation Programme through its mission to connect people with fair financial services.
At the BGA Web3 Oscar event, EthicHub obtained recognition through winning the Grand Social Impact Award. Through Bybit’s financial support EthicHub will develop into a platform that extends better financial services to small coffee growers.
Bybit and EthicHub: A Match Made in Blockchain Heaven
EthicHub delivers essential improvements in agricultural finance through its commitment to ethical lending practices and combination of funding sources and enhanced market relationships. Through the investment Bybit will generate the “Bybit Pool” as a dedicated funding mechanism inside EthicHub. The fund established by this investment provides small and medium-sized coffee farmers with equal borrowing opportunities.
The new investment enables farmers to secure fair loans because they do not need to borrow funds at exorbitant interest rates from traditional financial institutions. They can boost their productivity levels while earning premium prices for their coffee products. Bybit uses blockchain as part of its mission to create economic opportunities through this initiative.
The investment will stay within the EthicHub platform for continuous monitoring purposes. Direct financial assistance to small farmers will boost rural communities because of this initiative. Bybit will profit from an 8% annual payment for the next 15 months. LendingDev operating as EthicHub’s company provides performance reporting about the fund’s progress three times each quarter.
With blockchain, Bybit believes it can help people who don’t have access to regular banking service. As part of that cooperation, the company believes its partnership with EthicHub will show that blockchain can generate both social benefit and growth.
This has been highlighted by EthicHub’s team. The funds will enable coffee farmers to get better financial support, to reduce farming wastages and be able to process in the bigger markets, they have said.
Small ‘coffee farmers’ have been doing a lot of struggling with prices and lending practices that are not in their favour for years. Running the farm has been impossible for many of them to do and sustain. Nevertheless, ethical blockchain lending has been able to overcome some of these problems.
The investment by Bybit will benefit many farmers who could not secure financial security earlier. This will allow small farmers to mechanise their businesses, invest in sustainable farming and sell their coffee in global markets.
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2025-02-24 13:48