Paystand.org, the corporate social responsibility (CSR) arm of Paystand, a blockchain-enabled commercial payments platform, is making waves by leveraging blockchain technology and emerging bitcoin circular economies to foster financial opportunities for vulnerable and underrepresented communities.
Seeking to decentralize the financial system and transform businesses toward a better economy, Paystand.org has already made significant strides. The organization has provided donations, grants, and technical assistance to various NGOs like Mi Primer Bitcoin, Hope House, and Digital NEST’s bizzNEST initiative. These initiatives aim to address the pressing challenges faced by emerging economies globally, including high inflation, limited access to banking services, burdensome service fees, prolonged payment delays, and difficulties obtaining credit and capital.
A particularly concerning issue for underserved communities is the exploitation they experience when transferring money to their families. Unfair charges as high as 6.8% and lengthy delays are a common occurrence, highlighting the systemic disadvantages faced by the less fortunate.
One region where a bitcoin circular economy has begun to emerge is El Salvador. With over two million underbanked citizens utilizing bitcoin, the country has witnessed a 30% increase in tourism and significant foreign investments. Last year alone, more than $120 million in cross-border remittances were sent through bitcoin, bypassing fees typically encountered by Salvadoran overseas workers supporting their families back home. Similar trends are visible in other countries with growing bitcoin economies, as digital currency adoption outpaces traditional banking systems, offering greater inclusivity for the underbanked in Latin America.
By integrating blockchain and bitcoin technologies with circular economy principles, Paystand.org is paving the way for a transformative financial landscape. Over 160 million young individuals, the Small and Medium Enterprises (SMEs) forming 99% of the business landscape, and investors channeling $100 billion in finance flows annually stand to benefit from these inclusive opportunities.
Taking a holistic approach, Paystand.org empowers selected organizations in emerging and underrepresented communities. These organizations are equipped with funding, mentoring, expertise, basic financial literacy education, and technology training, enabling them to develop community financial services that foster sustainable and regenerative economic practices.
To strengthen their philanthropic impact, Paystand.org is actively partnering with corporations, other foundations, and financial institutions. By broadening their support network, Paystand.org aims to expand its reach and advance its mission of financial inclusion. Starting from February 15, Paystand.org will begin accepting applications for new grantees for 2024, further expanding its efforts to create a more equitable and inclusive financial landscape.
Jeremy Almond, CEO of Paystand, envisions Paystand.com and Paystand.org as dual forces, catalyzing change and democratizing the financial system. With their approach to stewardship acting as a model for emerging tech companies, Paystand.org is proving that blockchain technology has the potential to unlock better access, equity, and economic opportunities for the underbanked around the globe.
FAQ Section:
1. What is Paystand.org?
Paystand.org is the corporate social responsibility arm of Paystand, a blockchain-enabled commercial payments platform. It leverages blockchain technology and emerging bitcoin circular economies to foster financial opportunities for vulnerable and underrepresented communities.
2. What initiatives has Paystand.org undertaken?
Paystand.org has provided donations, grants, and technical assistance to various NGOs like Mi Primer Bitcoin, Hope House, and Digital NEST’s bizzNEST initiative. These initiatives aim to address challenges faced by emerging economies globally, such as high inflation, limited access to banking services, burdensome service fees, prolonged payment delays, and difficulties obtaining credit and capital.
3. How does Paystand.org address the issue of exploitation in money transfers?
Paystand.org aims to tackle the issue of unfair charges and lengthy delays faced by underserved communities when transferring money to their families. By leveraging blockchain and bitcoin technologies, Paystand.org enables secure and efficient cross-border remittances, bypassing fees typically encountered by overseas workers.
4. What is a bitcoin circular economy?
A bitcoin circular economy refers to an economic system where bitcoin is widely used as a form of currency within a specific region or country. It allows individuals and businesses to transact using bitcoin, promoting financial inclusivity and reducing dependence on traditional banking systems.
5. How has El Salvador benefited from a bitcoin circular economy?
El Salvador has witnessed a 30% increase in tourism and significant foreign investments due to the emergence of a bitcoin circular economy. Over $120 million in cross-border remittances were sent through bitcoin, bypassing high fees usually incurred by overseas workers supporting their families.
6. Who stands to benefit from Paystand.org’s inclusive opportunities?
Over 160 million young individuals, Small and Medium Enterprises (SMEs), and investors channeling $100 billion in finance flows annually are among those who stand to benefit from Paystand.org’s initiatives.
7. How does Paystand.org empower emerging and underrepresented communities?
Paystand.org empowers selected organizations in emerging and underrepresented communities by providing funding, mentoring, expertise, basic financial literacy education, and technology training. This support enables these organizations to develop community financial services that foster sustainable and regenerative economic practices.
8. How does Paystand.org plan to expand its impact?
Paystand.org actively partners with corporations, other foundations, and financial institutions to strengthen its philanthropic impact and expand its reach. They will also accept applications for new grantees in 2024, aiming to create a more equitable and inclusive financial landscape.
Key terms:
– Blockchain technology: A digital system that enables the secure and decentralized recording of transactions.
– Bitcoin: A digital form of currency that operates on a decentralized network called a blockchain.
– Circular economy: An economic system that aims to minimize waste and promote the reuse, recycling, and repurposing of resources.
Suggested related links:
– Paystand.org
The source of the article is from the blog elektrischnederland.nl