Everex, a blockchain company developing Ethereum applications, has announced that it has established the “Inclusive Finance for Women & MSMEs Through Blockchain Initiative”.

The company believes that blockchain technology has the potential to improve the financial inclusion of women in the economy. According to the official announcement, the initiative represents a foundation to an open-source blockchain platform dedicated to four main activities – Women’s entrepreneurship Funds, Cash Transfer Programming, Remittances, and Group Savings.

Everex further announced that it will set up two funds: “Women’s Block Funds” for women living in emerging and frontier markets. The “Seed Fund” to encourage the execution and realization of business ideas, the second fund made entirely possible by Everex’s native digital token, “Grow Fund”, is scheduled to launch later to fill the small credit gap and grow micro-small, but established, enterprises.

The startup believes that such a distributed fund, powered by blockchain technology, could quickly assess the financial risk of lending to individual female entrepreneurs. Ethereum’s peer-to-peer network could handle the screening and acceptance process, while risk could be mitigated via the use of micro-donations. The blockchain-based foundation will be comprised of multilateral organizations, public and private donors, financial institutions, and individuals.

“Everex, as one of the stakeholder in the initiative, has helped to develop the funds through its worldwide contacts, with particular interest in women refugees from war zones, as well as its proprietary software: the Everex Capital Transfer Platform. As the heart of the funds, Cryptocash will empower women and local economies through this multi-stakeholder fund approach”, Everex said.

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