During Crypto Day in Paris, Bybit announced the results of its collaboration with EthicHub, aimed at improving financial access for small coffee farmers in Latin America.
Strategic Partnership Between Bybit and EthicHub
A meeting between Ben Zhou, co-founder and CEO of Bybit, and EthicHub co-founders Jori Armbruster and Gabriela Chang Valdovinos took place during ETHCC in Paris. They discussed the impact of Bybit's $1 million liquidity investment aimed at supporting rural communities through decentralized financial solutions.
Results of Bybit's Investment
The $1 million investment has already shown positive results. EthicHub has facilitated over $5 million in loans at a low default rate and has enabled the sale of over 300 tons of coffee, generating more than $2 million in revenue. More than 10,000 farmers have directly benefited.
Prospects for Coffee Producers
Coffee produced under the 'Cosechando Riqueza' project in Mexico and the 'Costal Campesino' project in Colombia is expected to reach European markets starting in August. Sales are projected to total around $1.3 million in the coming months.
The partnership between Bybit and EthicHub showcases how blockchain technologies can create real opportunities for small coffee producers who have historically been denied access to financial resources and markets.
