Grameen Foundation Launches Blockchain-Enabled Cash Support and Training Program to Help 800 Filipino Workers Hit Hardest by COVID-19
Grameen Foundation announced the launch of an innovative program in the Philippines that leverages blockchain technology to provide capital support to microentrepreneurs challenged by the impact of the COVID-19. Supported by Celo, the “Social Dividend Campaign” targets repatriated Overseas Filipino Workers (OFWs) who lost their jobs and income due to the pandemic.
Working with Atikha Overseas Workers and Communities Initiative, a local NGO that aids OFWs, Grameen will identify and train 800 beneficiaries. Each beneficiary will download Celo’s mobile wallet, Valora, and receive 200 Celo Dollars (cUSD). Celo Dollars are a unique cryptocurrency built for mobile phones, with a value that algorithmically tracks the U.S. dollar. This is the first time that cUSD stable asset cryptocurrency has been used to support a supply chain and a microentrepreneurial ecosystem.