A blockchain powered global benevolent basic income program The Myubi Foundation aims to empower the ‘unbankable’ across the developing world.
The not-for-profit uses cryptocurrency to receive and distribute micro-payments directly to the mobile phones of people who are otherwise locked out of the traditional financial and banking system.
The Foundation’s CEO and founder, Mark Heggart says many people are being prevented from lifting themselves out of poverty, because they lack the identification and security requirements to open a basic bank loan.
“How do we include them in the global economy, when they can’t meet the minimum security requirements?”
“Now with the availability of low cost smartphones, they can sign up and are instantly included in the global financial currency market, allowing them to receive funds, which can also provide them with a springboard into the more traditional banking system,” Heggart says.
Heggart says the platform provides benevolent blockchain-powered applications designed to create and distribute cryptocurrency globally on behalf of governments, charitable organisations, benefactors, schools, businesses, community groups, and individuals.
The Myubi Foundation provides users with a secure way to receive, distribute and save donated blockchain tokens (MYU cryptocurrency) using a mobile cryptocurrency wallet.
MYUBI cryptocurrency, based on Ethereum blockchain technology, will be gradually released over a 20-year program.
Heggart says operating in the cryptocurrency marketplace allows the organisation to cut back on staff and administration costs to maximise the funds and resources available to recipients.
“There’s billions of dollars traded on cryptocurrency exchanges globally every day,” he says.
“We’ve created our own cryptocurrency, which is traded and going up in value.
“So we’re actually leveraging the huge amounts of trades on international exchanges to provide some relief to people on the ground.”