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Budweiser Owner Invests at Blockchain Startup Working to Alleviate Poverty

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Budweiser’s parent firm, Anheuser-Busch InBev, is doubling back on its fascination with utilizing blockchain technology to help unbanked employees.

Throughout its ZX Ventures arm, the brewing giant — that also possesses the Stella Artois, Corona and Beck’s brands, among others — has spent an undisclosed sum in a Series A fundraising for blockchain-as-a-service (BaaS) startup BanQu, based on an announcement.

Launched in 2015, BanQu joins employees, like farmers that are frequently unbanked, directly by organizations and companies farther along the supply chains that they function with its blockchain platform.

Via BanQu, these people are believed to able to get financial support offers such as MTN and Airtel by associate banks and cellular money suppliers, ultimately fostering their financial prospects. The startup claims it has up to now helped over 200,000 people and aims to increase 100 million individuals from poverty by 2023.

AB InBev and BanQu formerly partnered to a pilot linking 2,000 Zambian farmers into the mobile platform.  The project was later expanded to other nations, such as Uganda, India, Brazil, Costa Rica, India, and much more.

Tony Milikin, chief sustainability and procurement officer at AB InBev, commented:

“Following BanQu’s outstanding pilot operation in our 100+ Accelerator, we’re very happy to solidify the partnership with Ashish, Jeff and the whole staff at BanQu via an equity investment. Together, we’re working to enhance accessibility to contemporary banking for tens of thousands of farmers in underserved rural markets, forcing continuing growth and contributing to our own 2025 Sustainability Goal in addition to the UN’s Sustainable Development Goals.”

Proceeds from the Series A round is going to be employed by BanQu to cement its present operations and to assist enlarge rollouts from China and Mexico after this season, the company stated.

Hat tip to Forbes.

Budweiser picture via Shutterstock

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