Profit with purpose isn’t just a tagline for Ekta, it’s ingrained in the DNA of the blockchain startup that aims to bring the physical world on-chain.
Ekta reached a major milestone this past September by launching their token and own mainnet. However, this accomplishment did not distract from their dedication to improving lives through the Ekta Foundation, starting with Plastic Exchange.
Plastic Exchange is a community-led group organized independently by youth initiatives, newly formed local groups, and other existing charitable organizations. Focused on trust and accountability, Plastic Exchange incentivizes local communities to track and measure the improvement of their local environment and receive community-wide benefits for making environmentally responsible lifestyle choices.
Each year, Indonesia produces some 6.8 million tonnes of plastic waste, with only around 10% making its way to recycling facilities. Instead, a massive 625,000 tonnes of plastic ends up in the ocean. Plastic Exchange is dedicated to combating plastic waste, with over 300 tonnes of plastic already collected by local groups and 12,000 households fed in return for their help in assisting the cleanups.
Inspired by Plastic Exchange’s commitment and success, the Ekta team felt compelled to get involved and collaborate with Plastic Exchange. Berwin Tanco, Co-founder and CEO at Ekta, stated:
“As a local resident and entrepreneur in Bali, the mission of Plastic Exchange is close to my heart. With each cleanup mission, and each funding round we donate to, we contribute to the improvement of local communities in Bali — with rippling effects felt throughout all of Indonesia and beyond. Ekta was founded for the benefit of local initiatives, and we will continue to build a sustainable ecosystem and financial future for all.”
In early August, Ekta donated IDR 50m to Plastic Exchange. The funds were used to source 5 tonnes of rice, feed 20,000 local Balinese, and clean up 20–25 tonnes of non-organic waste from the local environment.
However, after attending a local cleanup on 19 September, Mr. Tanco felt that Ekta could do more to support the local cause. This realization led to the planning of a collaborative event that will take place on 2 October in Berawa Banjar (a few meters from Ekta’s headquarters and incubator).
The event will facilitate an exchange of 300kg of rice and vegetables for recyclable waste and plastics, as well as host a workshop to educate locals on turning recycled plastics into arts and crafts.
Through blockchain, Ekta is setting up a cryptocurrency wallet with EKTA tokens for Plastic Exchange. As their EKTA continually mines for more tokens through Ekta’s Staking Reward system, Plastic Exchange can turn their rewarded tokens into funding as needed. This frees the organization up to spend less time fundraising, and more time engaged in the activities they were meant to carry out.
Long-term goals include creating art out of plastic to sell in the global market with plans to set up weekly or monthly workshops. The collaboration is also reaching out to other local organizations, influencers, artists, and musicians that align in mission with Ekta and Plastic Exchange.
For Ekta, this is profit with purpose in action, and at the heart of why Ekta exists — to do good business while doing good.
Learn more about Plastic Exchange here. Follow Ekta’s social media channels to stay up to date with latest news and announcements: