Bybit has invested $1 million in EthicHub through the Blockchain for Good Alliance to support farmers.
Bybit's Investment and Its Purpose
Bybit has invested $1 million into EthicHub through the Blockchain for Good Alliance, initiating the 'Bybit Pool'. This fund is dedicated to creating ethical credit lines and alternative financing for small-scale farmers, mainly in the coffee sector.
Impact on the Farming Community
The initiative aims to change the financial landscape for farmers by providing access to fair and transparent financial resources. It is expected to increase productivity and stabilize market prices. In regions like Motozintla, Mexico, farmers have already experienced the positive impacts of these changes.
Industry Response and Future
Industry leaders, including Bybit's executives, have shown support for the initiative, acknowledging its potential for creating real-world change. EthicHub co-founder Gabriela Chang stated that Bybit's investment opens opportunities for fair financing. Meanwhile, Bybit's CEO Ben Zhou criticized Pi Network, accusing them of fraudulent practices.
Bybit's investment in EthicHub showcases the company's commitment to using blockchain for social impact and supporting agricultural communities.
