Portuguese startup helps fight poverty in the world

More than 18,000 people have already emerged from extreme poverty thanks to the Portuguese social impact startup impactMarket. The blockchain platform developed by Portugal aims to fight extreme poverty in the world.

In nine months of existence, the platform has already delivered one million dollars to 100 vulnerable communities, comprising a total of 18,000 people in 20 countries. By the end of the year, impactMarket plans to lift 100,000 people out of extreme poverty in this situation.

The platform provides a digital cryptocurrency purse to which you can transfer money that you can then donate to needy communities in different countries around the world. The concept allows the creation and distribution of unconditional basic income between communities and their beneficiaries, according to their needs and openly and free of charge for users.

“We are bringing social solidarity into the 21st century, where blockchain technology plays a central role in achieving a more ethical and fair world, through the concept of 'Unconditional Basic Income' (UBI), which advocates that all people they should have access to a certain monetary value that guarantees their dignified survival”, explains Marco Barbosa, co-founder and CEO of impactMarket. “The pandemic has also accelerated this process with the awareness of inequalities and growing empathy for others. Social justice and equal opportunities are in focus and we all stand to gain from this”, he adds.

Refugee camps, family assistance projects, education actions for children and young people, farming communities and groups of women victims of domestic violence are some of the examples of the projects that are being supported through impactMarket.

“We feel we are making a difference when we see communities like the Women Rights Initiative in Uganda, which is home to 100 people, overcoming adversity with the help of our solution. Through impactMarket, more than one million dollars (US) have already been donated”, emphasizes Marco Barbosa.

Donations are made by companies, philanthropists and civil society who, through the mobile application, can get to know the supported communities and transfer the value they see fit. In this way, donors have a direct link to the community they support and can keep abreast of their progress in empowering and moving out of extreme poverty.

The mechanism is managed by “smart contracts”, where the amount each supported person can use and withdraw per day or week is defined, and it is implemented through blockchain technology, with the transfer of Celo Dollars to people's digital wallets registered in the communities. They can then withdraw the money in local currency, either through their smartphone, at exchange offices, or any commercial establishment that accepts cryptocurrencies as a form of payment. According to Marco, "The power of technology, especially in the service of the good of society, is still far from its potential."

impactMarket has already reached 0.0023% of the world's population in extreme poverty. Marco Barbosa explains that “the UBI is an effective response for these populations. The problem in these vulnerable communities is not only the lack of available jobs, but also the lack of skills. With the base amount needed to survive, these people can have better living conditions, invest in their education and that of their descendants, and look for decent work. At the same time, crime and unemployment indicators decrease.”

The platform currently supports communities in Argentina, Brazil, Cape Verde, Philippines, Ghana, Honduras, Mozambique, Malawi, Nigeria, Kenya, Uganda, South Sudan, Venezuela, Cameroon, Palestine, Colombia, Peru, India and Zimbabwe. Soon, it also intends to reach beneficiaries in Syria, Yemen, Somalia, Angola and Afghanistan.