Vitalik Buterin & OmiseGO Donate $1 Million USD to Refugees, Aim to Support the Unbanked
Digital currencies propose new ways of supporting individuals that live without access to banking services. Millions of people do not have access to banks, and are unable to receive financial aid as a consequence. Now, Ethereum’s co-founder Vitalik Buterin and OmiseGO donated $1 million USD (nearly $1.3 million CAD) to GiveDirectly to address that problem.
GiveDirectly will ensure that the donation goes directly to refugees living in extreme poverty. Further, Buterin and OmiseGO intend to collaborate with the platform in order to facilitate “stateless payments for stateless people.”
Promoting ‘extravagant generosity’
GiveDirectly is a platform that allows the public to send money directly to people living in extreme poverty. The non-profit states that it aims to “reshape international giving,” allowing for transparent donations that go directly to those in need.
Alongside Vitalik Buterin and OmiseGO’s contribution of $1 million USD worth of OMG tokens, OmiseGO will collaborate with GiveDirectly. The partnership will allow for a “new way” to give financial aid to refugees, especially those without access to banks.
Excited to be part of this initiative! https://t.co/22cPYpEFS3
— Vitalik Non-giver of Ether (@VitalikButerin) March 28, 2018
“The crypto economy has grown immensely over the last year, bringing a great deal of wealth to many people and organizations within the ecosystem,” said OmiseGO in a recent statement. “In part we simply see an exciting opportunity to share that wealth. We hope the fortunes made in the crypto space will lead not to extravagant lifestyles but to extravagant generosity.”
Further, OmiseGO stated that it hopes to eliminate the need for intermediaries in the foreign aid sector to ensure that contributions are used exactly how they are intended.
The relationship between Buterin & OmiseGO
Buterin’s decision to join OmiseGO in its charitable giving is not the first time the Ethereum co-founder collaborated with the team. Buterin continues to vocalize support for OmiseGO’s token model, previously calling it his favourite.
Right now my favorite token model is OMG-style staking tokens. Reasons:
* Not a medium-of-exchange token
* Clear valuation model (expected discounted future tx fees minus node operation cost)
* Requires running node to get returns, not passive income (so more legally defensible)
— Vitalik Non-giver of Ether (@VitalikButerin) December 12, 2017
The OmiseGO team and Buterin are inviting anyone who shares the project’s charitable ambition to join their open effort. Donations can be made directly with Ethereum or ERC20 tokens sent to GiveDirectly’s wallet, or through the usual channels on the “give now” section of its website.
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