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"We are proud to be partnering with such an inspirational group of people led by the dynamic David Katz," says Ethos Asset Management's Carlos Santos in a press release.
Katz is the founder and chairman of Plastic Bank Recycling Corporation, which is using blockchain to convert ocean-bound plastic into a form of currency that can be used by poor communities in developing countries, the Guardian reports.
"This unique model not only protects the ocean and the environment, but also provides socio-economic opportunities for community members to pave a path out of poverty," Santos says.
According to the press release, Plastic Bank is "building ethical recycling ecosystems in coastal communities and reprocessing ocean-bound plastic for reintroduction into the global manufacturing supply chain."
In exchange for collecting ocean-bound plastic, community members receive bonuses for the materials they collect, which helps them provide basic family necessities such as groceries, cooking fuel, access to education, and health insurance.
"This investment will be instrumental in growing the Social Recycling movement, allowing us to reach more communities, create more social impact, and make significant strides in our fight against ocean plastic pollution," Katz says.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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