Major cryptocurrency exchange Coinbase has provided Hope for Haiti with a $150,000 grant as part of a pilot program to provide financial relief to Haitians experiencing social and economic hardship.
The Hope for Haiti announcement Tuesday said Coinbase will contribute $150,000 to its pilot project with financial inclusion-focused firm Emerging Impact and the Celo Foundation. The project uses the Celo dollar (cUSD) and the Emerging Impact Umoja platform to provide cash assistance to mothers affected by some of the traumatic events in the Caribbean nation, Celo said.
Haiti has been hit by four major earthquakes in the past 12 years, including a 5.3 magnitude earthquake on January 24, which reportedly killed two people and destroyed 200 homes. However, the island nation’s capital, Port-au-Prince, was also hit hard by a magnitude 7 earthquake in 2010, followed by prolonged civil unrest, partly linked to the current pandemic and the assassination of Haitian President Jovenel Moise in July.
Haiti earthquake kills at least 2, destroys 200 homes https://t.co/4R5yzdmmrV pic.twitter.com/pgHDEOLIoy— Channels Television (@channelstv) January 25, 2022
Coinbase’s charitable arm, Coinbase Giving, provided funds to benefit approximately 1,500 Haitian families with children participating in the Hope for Haiti catering program. Affected individuals must be able to use the funds to pay for goods and services at more than 30 participating merchant locations in Haiti, with the ability for vendors to cash out digital funds using the local money management service MonCash.
“This initiative with Hope for Haiti and Emerging Impact is particularly exciting because of how it uses blockchain-based technology to promote more efficient and effective giving, and we hope it will inspire ideas in the crypto economy and philanthropic sectors,” — said the head of Coinbase Giving Dominic. Bayet.
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Many individuals and charities have used cryptocurrencies as a means of transferring money to those who need it most after a natural disaster or in a country undergoing political turmoil. After many in the Philippines were displaced or injured by Typhoon Rai that hit the region in December 2021, Yield Guild Games, a game group that plays to earn money, raised $1.4 million to help those affected. Similarly, after the Texas winter storm in February 2021, some local disaster relief groups announced they would be accepting donations in cryptocurrencies.