Utilizing the power of blockchain technology, Plastic Bank transforms plastic waste into a currency that can be exchanged to assist people out of poverty.
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“The Plastic Bank acts as a convenience store for the world’s poor that accepts plastic waste as a currency,” said David Katz, founder and CEO of Plastic Bank.
To do this, The Plastic Bank provides a consistent, above-market rate for plastic waste, thus incentivizing its collection.
Individuals who gather our plastic can trade it for money, items or services.
The Plastic Bank also provides the ability for local entrepreneurs to set up and operate a convenience store for the poor, in which plastic waste is the currency.
Plastic collected through The Plastic Bank is recycled and sold at a premium as Social Plastic®.
Social Plastic® is Plastic Bank Verified plastic that provided a premium for the collector.
The premiums are called Plastic Bank Rewards.
These rewards are distributed and authenticated through the Plastic Bank app which uses Blockchain technology to provide the safest and most trusted means to deliver a globally scalable social impact.
Plastic Bank was the featured solution to stop Ocean plastic in the award-winning documentary A Plastic Ocean.
They received the prestigious Sustainia Community Award at COP21 during the Paris Climate Summit, the RCBC innovation award, and recently their new Blockchain exchange & incentives platform received an IBM Beacon Award.