The crypto economy is growing as fast or faster than the internet and other technologies. From Big tech companies to small companies and retail investors, everyone seems to be catching up to the fact that Bitcoin, Ethereum, and the space are here to stay and are looking for a way to integrate them into their business models.
In that sense, Jeremy Allaire, Co-Founder, and CEO at Circle announced a new crypto-based permanent initiative called Circle Impact. Its objective is to provide financial support, via the company’s stablecoin USD Coin (USDC), to U.S.-based communities and people without access to the legacy financial system.
Allaire said the following on their new program:
Today, we announced our plan to direct billions of dollars of USDC reserves to Community Banks and Minority Depository Institutions (MDIs) throughout the United States. This program is part of a broader initiative we announced today, Circle Impact.
In addition, Allaire called the program an “opportunity” to improve access to economic tools and “bolster” the balance sheets of these institutions and companies across the United States.
The impact is just one of many complementary programs launched by Circle to expand crypto awareness and expand the industry’s user base, and a rapid response humanitarian aid program in partnership with NGOs and local governments, Allaire revealed.
This program has been particularly successful in Venezuela, the Latin American country with one of the highest crypto adoption rates around the globe. In collaboration with pollical actors, Circle is providing help for health works. The CEO at Circle added:
(…) new programs we will launch on our startup fundraising platform, Seed Invest, aimed at helping women and minority businesses raise startup capital.
Crypto Shows Its Potential As A Global Financial Network
According to an official post, Circle Impact will allocate a share of its USDC reserves to the aforementioned sectors. In the future, the company expects “billions of dollars in deposits”.
Circle’s SeedInvest platform will operate as a complementary component for Impact by allowing women and minorities to receive financial support for their startups and supporting “broader initiatives raising economic prosperity”. Allaire said:
Circle Impact is our commitment to ensuring the future of internet-native financial services is more inclusive than its analog cousin. We’re investing in connecting what counts to realize the vision of raising global economic prosperity through the frictionless exchange of financial value.
The company will name a leader for Circle Impact, as the official post claimed. In addition, it will work on the search for non-profit and educational collaboration with the objective of creating long-term partnerships for their crypto-based program that will allow them to meet their goals.
As of press time, the total crypto market cap stands at $2.5 trillion after a dropped from its all-time high near $3 trillion.