Circle, Boston-based financial firm that launched USDC, announced that it has partnered with Endaoment to launch a disaster fund. This fund will be helping those people who are affected by the tornadoes that wreaked havoc in the United States last week, resulting in multiple casualties. The aid will be sent to communities from these affected areas: Kentucky, Arkansas, Tennessee, Illinois, Missouri.
The announcement read,
“The fund will simultaneously be launched to Circle employees and the broader Web3 community with a goal of raising $1M in grants to support the American Red Cross and local, boots-on-the-ground non-profit organizations and includes a commitment from Circle to match employee donations.”
Ties in the blockchain community
While Circle has launched this initiative, Endaoment – public charity platform built on Ethereum – will be doing the ground work. The Ethereum based platform will be facilitating the relief fund donations and further distributing them to organizations that are seeking funds for relief measures.
Notable, Circle stated that this initiative is part of its recently launched Circle Impact. This is aimed to be center point for setting up disaster relief funds in the digital space. Taking up the point of minimum donation value and mode of payment, the blogpost stated,
“From the fund page, minimum donations of $20 may be made via USD Coin (USDC) or other cryptocurrencies via connected crypto wallets. Fiat currency donations in any denomination may be made using credit or debit card.”
Moreover, the moeny raised by through this initiative will be going to seven organizations, with the grants distributed in intervals of $20,000 in rotating manner. The organizations are: Team Western Kentucky Tornado Relief Fund, Center of Disaster Philanthropy, Team Rubicon, All Hands and Hearts, Midwest Food Bank NFP, American Red Cross, and Mutual Aid Disaster Relief.
Speaking on this, Jeremy Allaire said on Twitter,
“With some members of Congress still seeing all of Web3 as a “dangerous place”, it’s vital to show the power of decentralised economic infrastructure for changing the world in positive and impactful ways. Another example of our mission is to raise global economic prosperity.”