Amid the COVID-19 crisis, blockchain fundraising in London has become a ray of hope for many vulnerable sections of society. Two blockchain-based organizations, Bank Account Based Blockchain(BABB) and CryptoAM.io have come ahead and collaborated for blockchain fundraising in London. The funds will be used to help the old age people and other vulnerable sections of Canary Wharf, Isle of Dogs and Poplar.
No transaction charges
The blockchain technology has time and again proved that it can handle all the transactions in the most perfect way and should be implemented worldwide for similar donation campaigns. The COVID-19 pandemic around the world has left a lot of people vulnerable due to some reasons.
BABB is a blockchain-based organization that claims it is building a world bank for the microeconomy and is based in Canary Wharf, London. It is using its indigenous BAX token for the fundraiser. There will be no transaction charges to the COVID-19 donors on their website.
Blockchain fundraising in London clicks
BABB‘s chief marketing officer, David Taylor said that he believes Canary Wharf can become a center for all the financial services across the world and BABB should be able to provide help to the vulnerable sections as much as it can. So far, more than £5000 ($6100) has been donated by the people for the noble cause.
This is not the first time blockchain is being used for donation services. A lot of similar fundraising campaigns for the COVID-19 crisis have been driven by blockchain and crypto, as confirmed by the WHO. In Italy, the Italian Red Cross started a fundraiser to help the hospitals.
The target of €10,000 was smashed within 3 days of its beginning forcing the organizers to increase the limit to €25,000. Ripple also managed to generate approximately $200,000 as an emergency relief fund to support the pandemic victims around the world.