Online auction platform CharityStars has launched AidCoin: a cryptocurrency that enables donors to see when, where and how their money is used.
AidCoin is an ERC20 compliant utility token that allows individuals to track their donations through the AIDChain platform. Additionally, AidCoin allows charities to integrate a payment gateway and an embeddable widget, called AIDPay, on their website that enables them to directly accept donations in different cryptocurrencies which are then instantly converted into AidCoin.
The company has just completed its AidCoin public token sale, which closed after 90 minutes, raising a total of $16.5 million (14,333 ETH), with the AID token (AID) distributed to participants at a rate of 1 ETH = 2,000 AID. The funds raised from the token sale will go towards furthering the AidCoin roadmap, with 40% allocated for product development; 30% for business development; 20% for communications and marketing, and 10% for reserve funds.
CharityStars has already run a successful blockchain charity campaign. In December last year, its campaign raised more than $50,000 for good causes including WWF and Save the Children. It is also currently incentivising AidCoin’s adoption by giving auctions paid in AidCoin a 5% discount on the hammer final price.
Francesco Nazari Fusetti, CEO and Co-founder of AidCoin and CharityStars, said:
“Blockchain technology offers an unparalleled first step in restoring the loss of confidence in nonprofits, and we are fully committed to driving the adoption throughout the sector as a whole. As the awareness of AidCoin continues to grow, I look forward to bringing both the blockchain sphere and the charity sector together for the greater good of both industries.”
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