Thursday
October 10
2019

For Non-Profits Working With Facebook, Libra Isn’t Such a Crazy Idea

By Brady Dale

Who can unlock true global financial inclusion? Perhaps a Harvard dropout can succeed where so many others have failed.

According to its announcement materials released in June, the top priority for Libra, the stablecoin invented by Mark Zuckerberg’s Facebook, is to reach the unbanked. Yet, most of its founding partners are laser-focused on the developed world, such as Uber, Mastercard, Stripe and eBay.

So how does the association expect those who struggle the most with financial access to get their hands on its low-volatility cryptocurrency? The group’s four non-governmental organizations (NGOs) might be key.

Among the 27 founding partners (it was 28 before PayPal dropped out of the project last week), there’s a small cadre of four non-profits focused on reaching that population: Mercy Corps, Women’s World Banking, Kiva International and Creative Destruction Lab.

Photo courtesy of Pixabay.

Source: CoinDesk (link opens in a new window)

Tags
Facebook, financial access, financial inclusion, financial innovation, nonprofits