Empowering Communities: impactMarket and Mento Labs Join Forces in Financial Inclusion
December 1 2023
by Victoria Calmon
In the landscape of blockchain-driven impact initiatives, impactMarket stands out, working tirelessly to empower underserved communities worldwide. At the heart of their mission is the belief that financial solutions should be accessible to everyone, irrespective of geographic location or economic status. One key player in this mission is Mento Labs, a collaborative partner supporting impactMarket's efforts through Mento stablecoins.
Who is impactMarket?
impactMarket operates as the Human Empowerment Protocol, offering accessible financial solutions and knowledge to communities in approximately 30 developing countries, primarily in Africa and Latin America. Their reach extends through real-world use cases such as Microcredit, Unconditional Basic Income (UBI), Learn & Earn, and the Libera crypto wallet.
With these initiatives, impactMarket has become a trailblazer in blockchain-driven UBI programs, supporting over 45,000 people globally. Their commitment to transparency, reliability, and inclusivity is evident in their objective of financial independence and literacy for all.
Mission and Vision: Connecting Capital to Opportunity
impactMarket's mission is succinct yet powerful: unlocking human potential by connecting capital to opportunity. They aspire to be the most data-driven, radically transparent, and community-owned hub for decentralized financial services accessible to anyone worldwide.
Why Mento Labs?
In the pursuit of their mission, impactMarket found a reliable ally in Mento Labs. Dedicated to promoting financial inclusion efficiently and transparently, impactMarket recognizes the potential of Mento's stablecoins. An ideal choice for everyday transactions and cross-border payments, Mento cUSD provides stability, transparency, and low transaction costs for users on the Celo blockchain. The benefits of Mento cUSD align with impactMarket's goals, allowing users to engage in transactions without borders, bypassing traditional banking intermediaries. The ability of the Mento platform to host different local currencies supports impactMarket’s microcredit initiative. Allowing users to borrow in local digital currencies is a great use case for stablecoins.
Testimonials: Voices of Impact
Marco Barbosa, Co-Founder and Chief Product Officer at impactMarket, emphasizes the significance of building a partner ecosystem to reach their objectives: “At impactMarket, we are proud to work with ecosystem partners including Mento Labs to provide solutions that foster inclusivity and provide essential financial resources to underserved communities. Mento stablecoins and blockchain technology are ideal solutions for transparently and securely distributing donations, financial aid, and micropayments to users around the world, regardless of their geographic location or level of technological expertise.”
Markus Franke, CEO at Mento Labs echoes this sentiment: “Mento Labs is thrilled to collaborate with impactMarket and make a positive impact on people's lives through Web3 technology. We are excited about impactMarket’s growing number of user-friendly Mento stablecoin use cases that can financially empower the unbanked and underbanked.”
Solutions by impactMarket: Unveiling Human Potential
Microcredit initiatives from impactMarket in Uganda, Brazil, Nigeria, and Ghana empower small entrepreneurs with microloans in Mento stablecoins to invest in their businesses. This initiative underlines the importance of Mento’s stablecoin factory, enabling many different local currency stablecoins for every country in the world so that users can get a microloan in local currency.
The Learn & Earn platform on impactMarket adds another layer, offering users an educational series on finance and Web3 topics, rewarding them with PACT, partners’ tokens, or stablecoins for completing courses.
impactMarket’s Unconditional Basic Income (UBI) consists of a recurring income in Mento stablecoins like cUSD distributed to preselected beneficiaries from vulnerable communities worldwide. impactMarket uses smart contracts to decentralize the distribution of funds received through donations to the communities supported. This enables cost-efficiency with no intermediaries, leverages transparency in the donation flow, and incentivizes user ownership with the UBI being claimed directly by each user in their individual wallet.
Libera, impactMarket's crypto wallet, facilitates UBI claiming, PACT staking, and access to Learn & Earn on the impactMarket dApp, while enabling users to easily transact their crypto assets.
Mento Stablecoins in Action
Mento cUSD emerges as a multifaceted tool within impactMarket's ecosystem. Accepted as donations, it is disbursed as UBI, microloans, and Learn & Earn rewards, transacted within the Libera crypto wallet. The stablecoin's stability, transparency, and low transaction costs for users make it a key element in supporting impactMarket's mission.
Measurable Benefits: Impact Beyond Numbers
While impactMarket showcases measurable benefits on its Global Dashboard, the true outcome lies in the stories shared by users globally. These narratives underscore the positive difference made in the lives of individuals and communities, illustrating the transformative power of impactMarket's solutions.
Next Steps
Looking ahead, impactMarket and Mento Labs are poised for further collaboration. Exploring additional Mento stablecoins, including cREAL (Celo REAL) and other future Mento stablecoins, for loan disbursement reflects their commitment to evolving solutions to financially empower users. In addition, mission-aligned supporters are invited to deposit and donate, by depositing Mento cUSD on impactMarket and donating earned interest to support vulnerable communities through UBI, earning PACT rewards according to the donation.
As the collaboration unfolds, Learn & Earn courses from Mento Labs are on the horizon, promising new avenues for education and financial literacy.
In conclusion, the partnership between impactMarket and Mento Labs exemplifies the transformative power of blockchain technology in fostering financial inclusivity. Together, they are not only connecting capital to opportunity but also unlocking the boundless potential to boost economies worldwide.
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