On the continent, crypto fundraising is overtaking traditional channels that dried up in the wake of the coronavirus pandemic
Nairobi — A sculpture of a giant tap spewing plastic waste greeted delegates at UN environment talks in Kenya earlier this year — a reminder of the urgent need for them to agree to a global pact to curb plastic pollution.
“But it is now going to inform how we implement our social welfare activities, because we have seen how fast we can move on fundraising,” said Khainga, whose non-profit tackles problems in Kibera such as garbage disposal and access to drinking water. Cryptocurrencies were designed to be free of central financial authorities such as governments and central banks. They allow for “peer-to-peer” transfers between users online without any intermediaries.
Crypto reduces barriers of entry, and is a fast way of raising funds for social causes because it is easier to navigate.The community currency helps more than 50,000 poor residents who cannot access bank loans to pay for essentials such as food, healthcare and housing.this year launched a microwork pilot, giving hundreds of youth access to digital jobs, and paying them with Celo dollars, a stablecoin that tracks the value of the US dollar.
While stablecoins are seen as less risky than other cryptocurrencies, users can be affected by volatility if they hold on to them, rather than cash out immediately, experts say.
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