Powering a cryptocurrency economy for Syrian refugees

Day 6 of 12 Days of Coinbase: Powering a cryptocurrency economy for Syrian refugees

Cryptocurrencies provide the easiest and most accessible way to give money directly to those in need. With GiveCrypto.org’s innovative approach, recipients can actually turn around and use crypto to buy what they need — immediately, without fees and delays. That’s why we’re using Day 6 of the 12 Days of Coinbase to support their new project that provides a basic income to more than 150 Syrian refugees in Greece.

Our $10,000 gift in Bitcoin ($BTC) allows GiveCrypto.org to significantly expand on a model that has already allowed them and partner Sempo to support 15 Yazidi families in Kurdistan and 5 Syrian families in Beirut in 2018. While organizations could provide this support in local currency, many in the refugee community don’t have access to financial institutions where they could receive and store donations. Meanwhile, even with access, fees end up eating into the cash aid.

Enter cryptocurrencies. Sempo and Givecrypto.org establish relationships with local vendors who are willing to act as providers of cash or goods in exchange for crypto. When paid via a program recipient’s wallet, the vendor can request to exchange their cryptocurrency for fiat. This system allows recipients to quickly put their donations to use, with crypto as the bridge.

With Coinbase’s support, GiveCrypto.org is poised to support even more refugee families in Greece, where crypto transfers can do even more to support those rocked by unstable financial institutions and lack of access. This donation is just a start as Sempo and GiveCrypto.org get on the ground in Greece and understand how much they can scale their support. As they do, their capacity to offer financial support to more families will improve. We encourage you to consider joining us in donating to organizations making open financial transactions possible for people everywhere:

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Powering a cryptocurrency economy for Syrian refugees was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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