After announcing a partnership agreement with the Cardano Foundation, Save the Children in Rwanda became the latest NGO to support cryptocurrency.
According to a statement, the partnership was possible because Cardano “installed a Payment Gateway that allows ADA donations directly to the project without intermediaries.” The funds will then be “invested into social enterprises in Africa with a proven impact on children, families, and youth.”
PRESS RELEASE: #Cryptocurrency is traditionally the reserve of the tech elite, but now Save the Children in #Rwanda has embarked on a new project that aims to ensure the gains associated with blockchain reach the world’s most vulnerable children. https://t.co/aBC9AZDNMl
— Save the Children Global Media (@Save_GlobalNews) July 14, 2021
After the announcement nearly 22,000 ADA (worth nearly $ 30,000) have been donated to the system in the first hour of its launch.
Maggie Korde, Save the Children’s Country Director in Rwanda, said:
“Through Cardano, Save the Children in Rwanda now has a starter pot of the cryptocurrency ADA which we can deploy to projects for children. But there are also countless possibilities through blockchain to firstly directly impact children’s lives through initiatives such as digital school records and secondly to increase our efficiency and transparency as an organization.”
Senior Advisor at Save the Children, Ettore Rossetti said:
“Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth holding onto. Since our founding more than 100 years ago, Save the Children has reached more than 1 billion children. Perhaps the next Bitcoin billionaire can help us reach the next billion children.”
Chief Growth Officer at the Cardano Foundation, Eva Oberholzer, said:
“People are often confused by cryptocurrency and baffled by blockchain. Through this pilot with the Kumwe Hub, we aim to demonstrate the power of decentralized finance (DeFi) and the global community when applied to supporting projects outside of the world of financial services and token trading.”
The Cardano Foundation announced in March 2021 that it would delegate over $500 million to community-driven stake pools within its network, this money will be used to fund more than 100 charities around the globe. These funds have received $270 million since then as charities and Save the Children is one of the key beneficiaries.
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