A crypto exchange from Mexico has launched an initiative to gather COVID-19-related donations through cryptocurrencies.
Mexican cryptocurrency exchange Bitso joined forces with the crowdfunding platform Donadora to launch a crypto-based donation system. The platform will help gather funds to buy food for the most vulnerable families affected by the COVID-19 crisis.
According to a report published by El Heraldo de México on May 15, each pantry delivered will be worth 150 Mexican pesos. They will have enough food to feed families of between four and six members for a week.
Donation options include both fiat currencies and various cryptos, such as Bitcoin (BTC), Ether (ETH) and XRP.
Crypto donations gain popularity as a crowdfunding method
The local exchange stated that crypto donations are a very efficient method for crowdfunding. This is due to their decentralized nature and the fact that anyone in the world can participate in the initiative.
Bitso released the following comments after the announcement:
“Donations through cryptocurrency wallets are easy, fast, and secure. Transactions are reflected in seconds, making it a very transparent method to ensure that your donation was received.”
Initiatives to fight COVID-19 continue to arise in the crypto space
Cointelegraph reported on another crypto crowdfunding campaign in April launched by the Italian Red Cross. The campaign aimed to build an advanced medical post to combat COVID-19 in Italy. This endeavor successfully raised $10,000 in four weeks.
Several crypto firms launched similar initiatives related to the COVID-19 pandemic crisis across the world, such as Binance, BitMEX and the Stellar Foundation.
By: Felipe Erazo
Hello and welcome back. Mexican Bitcoin exchange Bitso has opened bitcoin donation support for Mexico City’s earthquake relief. Donations can also be made in Ethereum and Ripple. 50% of the donations will go to the Red Cross. The rest of the funds will go to professional non-profit Mexican rescue team, Topos de Tlatelolco. Cryptocurrency users who donate funds can also get the receipt related to their transfer. Bitso will liquidate any donated funds every Friday at noon for the next four weeks. Over 230 lives have been lost as a result of this sad event and at least 44 buildings collapsed in Mexico City with thousands more damaged. Let’s see how some of the top cryptocurrencies are performing. There is now talk that another version of bitcoin might be created in November. So let’s take a closer look. There was plenty of uncertainty and concerns before the August 1st split, but we saw it surge to over $3,000 at the beginning of August and it then climbed past $4,000 the very same month. Bitcoin hit its last record high at the beginning of September surpassing $5,000 on some exchanges. At the moment, Bitcoin remains just under $4,000. It did not suffer any significant losses over the past few days, since its dramatic drop at the weekend, when we saw it fall below $3,000. Last week, news surrounding China’s crackdown had quite a bit impact on cryptocurrencies, but defender of the cryptocurrency world, John Mc Afee who is currently in China was asked on twitter whether China plans to ban mining. Mc Afee replied that they will not, but trading of cryptocurrency against the Yuan will be halted in a few weeks. Until that time, users can still complete trades without issue. Mc Afee continues to defend bitcoin and remains bullish as he believes it will reach $500,000 in less than three years. Let’s take a quick look at ethereum, it remains under $300. It is currently around $280. The first stage of the Metropolis upgrade on the Ethereum network has been launched Bitcoin Cash climbed past $540 on Tuesday, but today we saw it drop to around $462. Dash has climbed over 10% over the past 24 hours. Last Friday we saw it fall to as low as $221.