Paystand, the renowned blockchain-based commercial payments platform, has recently announced the launch of Paystand.org, its corporate social responsibility (CSR) arm. This significant development emphasizes Paystand’s commitment to utilizing blockchain and emerging bitcoin circular economies to create financial opportunities for vulnerable and underrepresented communities. While the platform has already made considerable contributions to various non-governmental organizations (NGOs) such as Mi Primer Bitcoin, Hope House, and Digital NEST’s bizzNEST initiative, Paystand.org aims to expand its philanthropic impact further.
Empowering Vulnerable Communities:
Paystand.org aligns with Paystand’s larger mission to decentralize the financial system and promote a more equitable economy. The initiative specifically addresses the urgent challenges faced by emerging economies worldwide, including limited access to banking services, high inflation rates, exorbitant service fees, prolonged payment delays, and difficulties in securing credit and capital.
Tackling Financial Inclusion Challenges:
Underserved communities often bear the burden of unfair charges and extended waiting periods for money transfers, highlighting the flaws in the existing financial system. For example, in Latin America, where approximately 70% of the population remains unbanked or underbanked, informal lenders and personal networks become the primary sources of credit for many individuals.
Bitcoin Circular Economies as a Solution:
Countries like El Salvador have embraced the concept of a bitcoin circular economy, leading to increased financial inclusion. Over 2 million underbanked citizens in El Salvador already utilize bitcoin, resulting in a 30% boost in tourism and facilitating over $120 million in cross-border remittances last year. These digital transactions bypass the costly fees associated with traditional banking systems, benefiting overseas workers.
Blockchain and Bitcoin for Inclusive Opportunities:
By integrating blockchain and bitcoin technologies with circular economy principles, Latin America’s 160 million youth, especially those involved in small and medium-sized enterprises (SMEs), can experience transformative opportunities. Moreover, this integration also benefits investors who direct $100 billion in annual finance flows, promoting greater inclusivity for underbanked individuals throughout the region.
The Holistic Approach of Paystand.org:
Paystand.org adopts a comprehensive approach to create a more inclusive financial landscape and drive economic growth. It supports selected organizations dedicated to educating and promoting the use of bitcoin and blockchain technology in emerging and underrepresented communities. Through funding, mentoring, expertise, financial literacy education, and technology training, Paystand.org empowers these organizations to build sustainable and regenerative economic practices.
CEO’s Vision:
Jeremy Almond, the CEO of Paystand, emphasizes the transformative potential of bitcoin and blockchain technology in democratizing a flawed financial system. He believes that Paystand.org serves as a catalyst for financial inclusion, combining commercial finance impact with philanthropy to empower underrepresented communities.
Expansion and Future Endeavors:
Paystand.org is actively seeking partnerships with corporations, foundations, and financial institutions to expand its philanthropic impact even further. Starting from February 15, the platform will accept new grantee applications for 2024, with a focus on supporting organizations and projects aligned with its philanthropic mission.
In conclusion, the launch of Paystand.org signifies Paystand’s commitment to promoting financial inclusion and economic empowerment through blockchain philanthropy. By adopting a dual approach that combines commercial finance with philanthropy, Paystand.org sets an example for emerging tech companies in terms of responsible stewardship. As Paystand.org evolves, it holds the potential to catalyze positive change, fostering equitable opportunities in the financial landscape for underbanked and vulnerable communities.
FAQs: Paystand.org – Blockchain Philanthropy for Financial Inclusion
1. What is Paystand.org?
Paystand.org is the corporate social responsibility (CSR) arm of Paystand, a blockchain-based commercial payments platform. It aims to utilize blockchain and emerging bitcoin circular economies to create financial opportunities for vulnerable and underrepresented communities.
2. What is Paystand’s larger mission?
Paystand’s larger mission is to decentralize the financial system and promote a more equitable economy.
3. What challenges does Paystand.org address?
Paystand.org specifically addresses the urgent challenges faced by emerging economies worldwide, including limited access to banking services, high inflation rates, exorbitant service fees, prolonged payment delays, and difficulties in securing credit and capital.
4. How does Paystand.org tackle financial inclusion challenges?
Paystand.org tackles financial inclusion challenges by leveraging blockchain and bitcoin technologies to provide alternative financial solutions. This helps underserved communities overcome unfair charges and extended waiting periods for money transfers.
5. What is a bitcoin circular economy?
A bitcoin circular economy is a concept where a country adopts bitcoin as a widely accepted form of currency. This leads to increased financial inclusion and benefits such as lower transaction costs for cross-border remittances.
6. What impact has bitcoin circular economy had on El Salvador?
In El Salvador, over 2 million underbanked citizens already utilize bitcoin, resulting in increased financial inclusion, a boost in tourism, and facilitating over $120 million in cross-border remittances last year.
7. How does Paystand.org integrate blockchain and bitcoin for inclusive opportunities?
By integrating blockchain and bitcoin technologies with circular economy principles, Paystand.org aims to provide transformative opportunities for Latin America’s 160 million youth, especially those involved in small and medium-sized enterprises (SMEs). This integration also benefits investors who direct $100 billion in annual finance flows.
8. What is the holistic approach of Paystand.org?
Paystand.org adopts a comprehensive approach to create a more inclusive financial landscape and drive economic growth. It supports organizations dedicated to educating and promoting the use of bitcoin and blockchain technology, providing funding, mentoring, expertise, financial literacy education, and technology training.
9. Who is Jeremy Almond?
Jeremy Almond is the CEO of Paystand. He believes in the transformative potential of bitcoin and blockchain technology in democratizing the financial system and sees Paystand.org as a catalyst for financial inclusion.
10. How can organizations partner with Paystand.org?
Paystand.org actively seeks partnerships with corporations, foundations, and financial institutions to expand its philanthropic impact. New grantee applications for 2024 will be accepted starting from February 15.
For more information, visit Paystand.org
The source of the article is from the blog procarsrl.com.ar