Bybit has invested $1 million in EthicHub through the Blockchain for Good Alliance (BGA), reinforcing its commitment to using blockchain for social impact.
This investment establishes the “Bybit Pool,” a dedicated fund within EthicHub’s ecosystem to provide ethical credit lines and alternative financing to smallholder coffee farmers who have long faced exploitative lending practices.
The initiative offers these farmers a pathway to fair and transparent financial resources, enabling them to stabilize their income and invest in improved production techniques. By breaking the cycle of predatory loans and volatile market conditions, the funding is expected to enhance productivity and ensure more stable, equitable market prices. In regions like Motozintla, Mexico, farmers such as Neri Ortiz have already witnessed the transformative impact of EthicHub’s blockchain-powered financing, which has not only improved their farming practices but also elevated their livelihoods.
Industry leaders have praised the initiative. Bybit’s Chief Operating Officer, Helen Liu, emphasized the company’s dedication to leveraging blockchain for real-world change.
“Blockchain has the power to unlock new financial opportunities for those historically excluded from traditional banking systems”,
Liu noted.
Gabriela Chang, CSO and co-founder of EthicHub described Bybit’s investment as a game-changer in their mission. She noted that the funding would directly support smallholder coffee farmers, enabling them to increase productivity and access fair financing. She further explained that this initiative would open better market opportunities for farmers, allowing them to secure fair prices for their coffee.
Meanwhile, Bybit CEO Ben Zhou accused Pi Network of being a scam, referencing a 2023 Chinese police report about fraudulent schemes linked to the project. His remarks came after an unofficial Pi Network account claimed Bybit had been rejected for a listing. Zhou dismissed these allegations, stating that Bybit never sought a listing and highlighted concerns from the Wuxi Public Security Bureau about Pi Network preying on vulnerable individuals with false promises of wealth through mobile crypto mining.
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