One of the biggest problems faced by humanitarian organizations is the fundraising process. Sending and receiving donations from various sources and in different currencies is time-consuming and prone to high fees.
To combat this, Save the Children is making a breakthrough in humanitarian fundraising. Last Thursday, this international non-profit organization announced that it would launch a Bitcoin Fund in collaboration with the digital asset company Fortris.
This Bitcoin-powered humanitarian funding solution is designed to transform the way financial resources are stored, managed, withdrawn, and distributed in times of disaster.
With the Bitcoin Fund, Save the Children can store Bitcoin donations for up to 4 years. This innovation will also support the distribution of cash and voucher assistance by leveraging tools like Bitcoin, stablecoins, and digital wallets.
This way, monetary aid can reach those in need more quickly, transparently, and cost-effectively.
Save the Children also utilizes Bitcoin’s peer-to-peer technology. Many non-profits accept Bitcoin, but Save the Children's Bitcoin Fund offers additional flexibility. Donors can choose when to convert their Bitcoin to maximize the impact of their donation.
“Out-of-the-box solutions are essential to ensure we continue to be there for children when they need us most—especially when traditional foreign aid funding falters,” explained Janti Soeripto, President and CEO of Save the Children US.
“This innovation integrates the speed, cost-efficiency and financial inclusion of blockchain-based tools to strengthen Save the Children’s emergency response and long-term development programs for kids in the U.S and around the world.”
Save the Children’s Bitcoin Fund offers a direct solution to the funding issues often faced by humanitarian organizations, namely traditional banks and financial institutions that are unable to operate during conflicts or natural disasters.
This innovation demonstrates the vast potential of Bitcoin and cryptocurrencies in various aspects, including humanitarian aid. With Bitcoin and various other altcoins, fund transfers for donations are faster, cheaper, and more transparent. This will hopefully reduce the barriers to helping those in need.
