Thursday
March 29
2018

Refugee charity turns to crypto with $1M donation from Ethereum’s founder and OmiseGo

By Jon Russell

The crypto industry is often criticized from the outline for creating wealth that exists only in digital form, is unstable and driven by greed. That’s why a new charity initiative from top figures inside the Ethereum community might make a few non-believers sit up for a moment.

GiveDirectly, a charity that provides no-strings-attached grants to the world’s “extreme poor,” has revealed it has received a $1 million donation from OmiseGo, a fintech startup that held a $25 million ICO last year to develop a decentralized payment network, and Ethereum creator Vitalik Buterin.

The donation will go towards a GiveDirectly campaign in Uganda aimed at providing more than 12,000 refugee households with a grant to change their life by enabling business growth and other opportunities fueled by investment.

An initial pilot project reached 4,400 households (covering an estimated 21,500 individuals) with $650 which the recipient can choose to use in any way they wish. GiveDirectly said it is “looking to scale significantly over the next year” on the back of this new donation and others.

Photo courtesy of Pixabay.

Source: TechCrunch (link opens in a new window)

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Inclusive Fintech
Tags
cryptocurrencies, cryptocurrency, digital payments, fintech, migration, refugees