‘The Big Issue’ Newspaper Launches Blockchain Platform to Promote Impact Investing
A Street newspaper sold by the homeless in the U.K. and other countries, The Big Issue, is introducing a blockchain-driven podium to endorse impact investing, The Financial Times
Three investment organizations — UK Standard Life Aberdeen, U.S. Columbia Threadneedle, and AllianceBernstein — will associate with The Big Issue as founders of the podium dubbed The Big Exchange. As per the FT, it will provide 30 to 40 social and environmental impact funds, and is set to start working within six months.
The dedicated investors will be charged a minor fee to use The Big Exchange. Once registered to the podium, they will be able to select between several sets of proposals awarded a gold, silver, or bronze score powered on their correlation with the UN’s 17 maintainable development goals.
The minimum investment is predicted to be $640, but Nigel Kershaw, chairman of The Big Exchange, is aiming to reduce it down to £2.50 ($3.20) — the same price as The Big Issue.
As per the FT, the podium has already raised about $1.3 million from three of its founders and London-powered fintech company FNZ. In the following five years, The Big Exchange expects to entice as much as $3.8 million.
The blockchain is extensively used for social needs, particularly in the field of charity. As Cointelegraph earlier described, crypto-based technologies, and in particular blockchain, could help enhance transparency for donations and international transactions, decreasing the fees on money transfers at the same time.
For instance, major crypto exchange Binance has lately managed to upsurge $1.41 million in various types of ERC20 tokens for those who persisted from devastating floods in Japan in mid-July.
Moreover, blockchain solutions have been used to endorse social activity. The manufacturer of household cleaning supplies SC Johnson and environmental organization Plastic Bank alliance in October to open various plastic recycling centers in Indonesia, providing locals tokens for waste collection.