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London based company Giftcoin is the world’s first cryptocurrency created specifically to enable payments for charities and good causes. Giftcoin has announced a collaboration with leading charity payment provider Charity Checkout, bringing access to their over 2,000 charities on the platform. They have also partnered with a number of other international causes including English Heritage, and trauma-informed yoga charity OURMALA.
OURMALA is a unique charity provider that helps rehabilitate those who have been sexually abused, tortured or trafficked through yoga.
Giftcoin utilizes blockchain technology and smart contracts for payment methods, giving users the ability for full transparency over who has donated, how much so, and how exactly their money is spent. This allows those donating on the platform to completely verify the money that they are donating is being directly received by the cause they are supporting.
This structure also means donated GIFT funds for projects may only be unlocked by the recipient charity once certain requirements have been met. For example, the funds for a charity to build a new shelter may only be unlocked once Giftcoin has independently verified that the first stage of the project, for example here securing the land, has been completed. Alongside Giftcoin’s project to enhance transparency around charitable donations, Giftcoin also aims to change the wider perceptions of cryptocurrency. As a form of currency, crypto is often associated with volatility and opacity.
The Token Sale
The Giftcoin token is set for public sale with a $10m / £7.19m initial token offering.
The sale is open to sophisticated/accredited investors. It begins March 20th, 2018 9.30am EST, with Bitcoin and Ethereum accepted as currencies. Contributors can currently pre-register for the sale at www.giftcoin.org, with those who do so receiving an additional 10% bonus.
Minimum purchase for the sale is 0.25 ETH, the equivalent of 0.02 BTC / $220 / £158 (at time of writing). Purchases made within the first 24 hours of the sale will receive a 25% discount; those made within the first week a 15% discount; and those within the second week of sale a 5% discount. Proceeds raised from the sale will go towards Giftcoins technology development, marketing, overheads, admin and legal costs, ahead of the currency’s rollout in October 2018.
Alex Howard, Co-Founder of Giftcoin
Alex recently comments on the token offering, stating it as the first step in their mission to restore public confidence in the charitable giving process. Internal Giftcoin research showed that allowing better transparency in the process would increase consumer giving by 49%. He noted that Giftcoin also hoped this would improve the strained relationship between donors and charities.
Luke Purser, Development Director at English Heritage
Luke expressed his excitement for the project in a recent statement. He described English Heritage as a charity that retells England’s historical stories, often through using the latest technologies to enhance the experience. As a charity that embraces technology, Luke noted that English Heritage was excited to work with an innovative project such as Giftcoin, that will allow better transparency between donor and charity. To learn more about Giftcoin, visit the website, read the full whitepaper and connect on Facebook.