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.