The cryptocurrency company Circle has unveiled an initiative aimed at engaging underserved social groups in digital finance, often left out of the United States’ traditional financial system.
According to the company, Circle Impact will comprise four core areas:
- allocating a portion of the fiat backing of the USD Coin (USDC) among depository institutions owned by ethnic minorities and local banks, with a long-term aim to reach billions of dollars.
- launch on SeedInvest, a crowdfunding platform, a program to fund startups led by women and minority founders.
- ramping up digital-finance literacy efforts in collaboration with colleges and universities that historically serve Black communities.
- creating a task force to spur public-private partnerships to enable payments using USDC.
Earlier, the company Circle Ventures launched a venture fund to support early-stage blockchain and cryptocurrency projects.
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