Blockchain-based charity organization GiveDirectly received a $1 Million donation from Ethereum Co-founder Vitalike Buterin and Financial Inclusion focused cryptocurrency project OmiseGO (OMG), raising their donation to Ugandan refugee families over $3 million.
One of the big impacts Blockchain technology and cryptocurrencies are attempting to tackle is the concept of Financial Inclusion, with inefficiencies of modern cross-boarder payments as one of the most obvious changes. This process strips the value of donations to over-seas charities.
These transfers cannot be instant, and often times institutions cannot give the sender an accurate fee total for the movement of their money. Ripple is one of the biggest companies looking to change this through strong banking partnerships.
This gets to one of the biggest social injustices that many are looking to Blockchain technology to help fix. The issue can be reversed, to power the individual with the same tools that a bank would offer, without being “banked.”
The cryptocurrency OMG was founded single goal in mind to – “Unbank the Banked” by working to be the primary service to help governments move to a cashless system.
GiveDirectly established a network for unconditional cash transfers with live updates from recipients to track improvements to their live and inspire others to donate more. The project was founded last year on the Ethereum Network.
Ethereum and Vitalik are pushing the boundaries of technology and our way of thinking about its applications to society. He is still an active developer, and this donation is proof of his active search to supporting the causes for a better world, such as his donation to AI research.
During their ICO phase, GiveDirectly collected $25 million in funding to materialize the venture to add transparency and efficiency to the way we are able to donate money internationally.
The recent donation is certainly noteworthy, but is just part of a rapidly growing pool of monetary good will attracted by the company. Over $200 million has been donated through the platform since launching.