Bitcoin nonprofit BitGive has launched an emergency fund to support individuals impacted by Covid-19. The venture will operate on a blockchain framework developed by RSK, best known for their Bitcoin smart contract ecosystem. As a result, donors will be able to track how funds are deployed, and retain full oversight of their disbursement to those most in need of aid.
$20,000 has been targeted initially as a fundraising goal by BitGive. The organization holds the title of the first Bitcoin 501(c)(3) nonprofit, and has worked closely with numerous charitable organizations to implement its latest project. Direct Relief, GiveDirectly, and One Fair Wage Emergency Fund have all collaborated to bring about BitGive’s new relief fund. Efforts will be focused on providing PPE to medical professionals and supplying support to individuals who have been laid off as a result of Covid-19.
Track and trace with full transparency
While efforts to track and trace the spread of coronavirus are underway around the world, similar measures are being deployed by BitGive so donors can monitor the allocation of funds raised by its Covid-19 endeavor. The use of blockchain, whose defining characteristic is data transparency, makes sense in this context, particularly given the involvement of RSK’s parent company IOV Labs, who are providing the nuts and bolts to facilitate this.
Its CEO Diego Gutiérrez Zaldivar commented:
"BitGive harnesses the distributed power of blockchain to connect donors with impactful causes and move funds globally with maximum transparency, security and efficiency. We’re honored to contribute to their COVID-19 Relief Fund and support the efforts of these wonderful organizations."
RSK has provided the blockchain infrastructure for a diverse array of companies, ranging from Argentinian meat processors to charitable foundations. Its decentralized and permissioned applications provide a means for enterprises to experience the benefits of open source blockchain technology within a secure environment.
Tech and crypto rally Covid-19 relief
BitGive is by no means the only crypto organization finding ways to support those affected by the repercussions of Covid-19; scores of other blockchain entities have also pledged support. Binance has followed up a $2.4M donation towards medical supplies with another sizable donation with Brock Pierce totaling $1M to fight coronavirus in the Caribbean. Not all of the Covid-19 relief efforts are focused on PPE and medical care, however; CNBC Cryptotrader’s Ran Neuner has launched a $10M fund to help tech businesses affected by the shortfall in VC funding.
Despite being more modest in stature than these efforts, BitGive’s own Covid-19 relief fund should inspire confidence in donors. The nonprofit has an impressive track record of raising funds for worthy causes, having previously worked with the likes of Save the Children, The Water Project, TECHO, Code to Inspire, Run for Water and Medic Mobile.