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Save the Children has launched a new Bitcoin fund in order to help speed up payments for urgent aid delivery.
Cryptocurrency donations will be held for a maximum four years by the nonprofit. The fund will hold Bitcoin and other virtual assets.
Save the Children said traditional banking often holds barriers that slow down or make aid deliveries inaccessible, particularly in the most volatile natural disasters and global conflicts.
Antonia Roupell, Save the Children’s innovation and partnerships lead, said shifting funding realities of the past year, accelerated by shrinking international aid budgets, led the nonprofit towards cryptocurrency adoption.
‘The timing for our Bitcoin Fund is based on three main factors: our track record pioneering crypto giving and our desire to deliver maximum impact for children; years of listening to the Bitcoin and crypto community, donors, and technical partners like Fortris; and the detrimental impacts of foreign aid cuts, a reminder that we need to diversify our dependence on government and institutional donors,’ Roupell told technology publication Decrypt.
‘The time for disruptive innovation, transparency, and proof-of-work is now.’
Elsewhere, Dubai greenlit cryptocurrency funding for its charities and nonprofits.
The Dubai Department of Islamic Affairs and Charitable Activities has begun offering a service to receive donations through cryptocurrencies and virtual assets, part of the Gulf state’s strategy to pivot itself as a large scale philanthropy player.
Shafi Musaddique is the news editor of Alliance magazine.