Scotcoin will donate £5 off every £20 it earns from its token sale to homeless people, revealed a local source.
The cryptocurrency project, which aims to tackle poverty and fund charity ventures, announced that it would join hands with Social Bite, a Scotland-based nonprofit venture looking to end homelessness. Together, the organizations would generate funds to make houses available to the homeless population in Scotland. They would pay for the tenancies and would also assist these people getting back into the society.
The announcement comes ahead of winters, a time of the year that sees the temperature falling to as low as minus 17-degree Fahrenheit. The Social Bite fundraiser sets its initial goals to help the homeless survive through the wintery chills while eyeing permanent homes through the Housing First model.
"This is an inspiring initiative," said Temple Melville, Scotcoin's leading stakeholder. "One of our stated objectives is to help eradicate homelessness, and Social Bite is already well established within this area."
Homelessness in Scotland
An official report reveals that Scottish councils received 34,972 applications from homeless people in 2017-18 under statutory homelessness legislation. Out of the total number of applicants, 55 percent were males. At the same time, 58 percent of the applicants were found to be below 35, indicating the lack of employment opportunities in the region.
Nevertheless, the report mentioned that the number of applications for households was on a decline since the past few years. It partially credited the "Housing Options" approach for causing a favorable drop between 2009/10 and 2013/14.
As of now, the Scotland government appears to be doing its best to accommodate the homeless people into permanent housings. But catering to all has become a formidable task, overall. Therefore, the government mostly relies on temporary accommodations, which includes allotting temporary furnished homes, hostels, and bed-and-breakfast accommodation.
The Social Bite initiative, now supported by the Scotcoin project, will provide additional support to the government's laid-out schemes.
Scotcoin's Role in Project
The makers of Scotcoin wanted the coin to be a pro-independence cryptocurrency of Scotland. On papers, its adoption could allow the country to break away from the UK's Pound - and the region itself.
Scotcoin almost came to its extinction after the Scottish people voted down the independence referendum proposed by their Scottish National Party. The coin since is attempting to jump back concerning value and investor sentiments, with its majority stakeholder Temple Melville doing rounds at FinTech events seeking support.
"We have several thousand holders of Scotcoin and have holders in more than 50 countries worldwide," he said in his latest speech. "On migration to our new [Counterparty] blockchain, present holders of Scotcoin will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in the value of up to 5 times."
Temple reportedly raised $2 billion in funding from an investor named Jeff Bezos. If its true, the Social Bite Initiative received at least $50 million in charity money.
Glasgow image from Shutterstock.