Shorter Finance made a $600K crypto donation to Palau
Not merely seeking breakthroughs in decentralized financial technology, Shorter Finance is also concerned with enabling this significant undertaking to play its full role in the real world.
Shorter Finance has donated $600K (in cryptocurrencies) to the Palau Poverty Assistance Fund, aiming to establish partnerships that focus on blockchain and financial literacy education, public health, and infrastructure construction among Palau’s lower-income under-age population. Delaware’s local chambers of commerce and technology companies are interested in this donation and expected to join in the follow-up.
Palau, a small island developing state in the North Pacific, is exceptionally vulnerable to natural hazards, and its narrow economy exposes it to international market volatility. As tourism accounts for about 40% of Palau’s economy, the collapse of tourism due to the coronavirus disease (COVID-19) pandemic emphasized the need for prudent financial management and revenue alternatives. The country continues to seek support for public financial management, and key infrastructure in the sanitation, finance, and education sectors.
The Palau Poverty Assistance Fund is a nonprofit charity that distributes crypto assets to Palau people in poverty, strengthening the business environment by supporting public-private partnerships, increased transparency, and improved access to credit via blockchain technology.
When young aged people in Palau are trying to survive the economic collapse and are unable to attend schools, many have to reach out to online courses to continue their education. With its public accessibility and equality, blockchain-based technologies could help them obtain globally recognized personal tamper-proof credit. It has the potential to transform education by resolving infrastructural and institutional-related costs typically faced by less developed and geographically remote communities.
Shorter Finance’s ability to empower people striving to escape poverty goes beyond education. It can improve social inclusion by granting equal opportunities to each individual regardless of background and status. Decentralized financial technology provides people in Palau with financial inclusion and entrepreneurial opportunities to gain independence and self-sufficiency. It offers small business owners affordable and efficient cross-border payments. It can help them climb the ladder to finance services from the traditional banking system.
This assistance from Shorter Finance and Palau Poverty Assistance Fund will help provide more financial, educational, and living support to more people in the region. In the future, Shorter is committed to getting more U.S. organizations to join, supporting the education of the local people of Palau in technology, finance, and blockchain, helping build a long-term economic revitalization plan, and bridging the gap between the wealthy and the needy.