Givedirectely, in a recent blog post stated that Omisego along with Ethereum co-founder Vitalik Buterin has made a “generous” contribution of $1 million (in OMG- Omisego tokens). This donation will be helping the refugees living in extreme poverty, and GiveDirectly will deliver those funds.
The cryptocurrencies are often criticised by authorities on the points that they only exist in the virtual world, are unstable and generally, drive a greed-laden economy. With the recent announcement, it might make a few non-believers sit up and debate. Givedirectely, in a recent blog post stated that Omisego along with Ethereum co-founder Vitalik Buterin has made a “generous” contribution of $1 million (in OMG- Omisego tokens). This donation will be helping the refugees living in extreme poverty, and GiveDirectly will deliver those funds.
The donation will go towards Givedirectly’s campaign in Uganda, which is trying to fuel over 12,000 refugee homes. Givedirectly will further enable business opportunities for these households. Their initial project empowered over 4,400 families, with over 20,000 individuals, with $650 which the recipient can choose to use in any way they like.
Givedirectely is backed by the likes of Google, eBay founder Pierre Omidyar and Facebook Co-Founders Dustin Moskovitz and Chris Hughes. The company began its refugee drive back in 2013 and since then, it has raised over $200 million. Further, they are looking to work more closely with the crypto industry now with high profile people and users sending coins directly to refugees in Uganda.
In its blogpost it stated, “The foreign aid sector has historically been dominated by intermediaries — organizations that collect money on behalf of the poor and then spend it on their behalf as well. In some cases these intermediaries play a valuable role, but in others it’s hard to see what argument remains for funding them rather than funding the poor directly — especially given the overwhelming evidence that poor people generally use money responsibly, improve their lives, and in some cases achieve quite impressive financial returns.”
The post further added that direct cash transfers put (purchasing) power in the hands of individual people and make them the judges of what to prioritize.
To make it fairly clear, the company receives donations from the recipients and then converts those coins in the local currency and sends them using mobile money services or bank transfers.
Also, OmiseGo said that the company is looking forward to including the refugee trust company on its new decentralised payment platform, which is currently under development. OMG network enables transactions between individuals, businesses, instantly without a payment fees.