Monday, July 13, 2020
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Italian Red Cross accepting Bitcoin to combat COVID-19

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The recent COVID-19 outbreak, commonly referred to as the coronavirus, has had a drastic impact on countries worldwide. Italy is one of the most significantly affected, with the number of cases growing exponentially in a matter of weeks. This has resulted in many countries suspending flights, declaring a period of quarantine, and even closing their borders.

The fundraising campaign 

The Italian Red Cross and the Colli Albani Committee are raising funds in Bitcoin and other cryptocurrencies in order to combat the recent pandemic that has taken Italy (and the world) by storm. 

Helperbit, a blockchain startup that provides a platform for charities to accept donations, is helping to support the fundraising

Helperbit COVID-19 Bitcoin campaign
Source: Helperbit

The campaign is seeking to use the crypto donations in order to purchase and set up a “Second Level Advanced Medical Post for pre-triage of COVID-19 cases”.

The goal is to reach 10,000€ in order to purchase both the core infrastructure and medical equipment for the project. According to Helperbit, any excess funds “will be used to provide medical staff with the personal protection they need”. 

We need to ease the pressure in hospitalizations, as the number of infected people is increasing and there is a reduced number of available places within hospital facilities. We believe that an innovative fundraising tool like Bitcoin can help us find the necessary economic resources, that are very difficult to obtain in this historical moment.

Bruno Pietrosanti, President of IRC Colli Albani Committee

Blockchain applied to donations 

Blockchain technology is a viable solution for organisations to accept donations for a variety of reasons.

Firstly, anyone in the world can make a quick, cheap cross-border payment through the use of decentralized cryptocurrencies like Bitcoin. This can speed up the process and also cut costs associated to with the transaction, such as foreign exchange and payment processing fees.

Next, blockchain can provide a transparent environment for donators to clearly see where the funds are going to and how they are being used. That way, those generous enough to donate know that their funds are being used as intended. 

Furthermore, users can easily see the balance of the destination wallet directly on the blockchain and thus know how much has been raised so far. From the moment the funds leave the donators wallet, their every movement can be tracked. 

Orion
Orion is an entrepreneur and a part-time writer for Financial News. He is currently involved in distributed ledger technology (DLT) primarily focusing on FinTech. Orion has a great interest in finance, business, crypto, and trading. Some hobbies of his include skateboarding, music, graphic design, and continuously learning new things. His long-term goals revolve around education, agriculture, and renewable energy.

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