2 hrs ago
India-born entrepreneur launches stablecoin campaign for Nepal flood relief
Floods have harmed people in Nepal, and a technology entrepreneur started a way to help them.
Sandeep Nailwal is collecting donations using stablecoins, a type of cryptocurrency designed to keep a steady value.
People around the world can donate through NepalRelief.org.
The donated cryptocurrency is changed into Nepalese money.
That money is sent to the government’s disaster relief fund.
By Sunday morning, the campaign had raised more than $173,000.
Several technology and financial companies are helping run the campaign.
The organizers said Nepal’s government approved it even though cryptocurrency transactions are generally illegal there.
Sandeep Nailwal, co-founder of Polygon Labs, launched a stablecoin donation campaign for flood victims in Nepal.
Donations made through NepalRelief.org are converted into local currency and directed to Nepal’s Prime Minister’s Disaster Relief Fund.
The campaign had collected $173,202, or NPR 26.23 million, by 9:30 a.m. Sunday Nepal time.
Polygon Labs’ Open Money Stack, Coinme and Cross River Bank are supporting the initiative.
Although cryptocurrency transactions are illegal in Nepal, organizers said the campaign received approval from the Nepali government.
- Who
- Sandeep Nailwal, Polygon Labs, Coinme, Cross River Bank and campaign partners, with assistance from Bal Krishna Joshi.
- What
- A stablecoin-based international donation campaign supporting flood victims and Nepal’s Prime Minister’s Disaster Relief Fund.
- Where
- Nepal, through the online platform NepalRelief.org.
- When
- The campaign had raised $173,202 by 9:30 a.m. Sunday Nepal time; the articles do not specify the calendar date.
- Why
- To move international donations quickly to people affected by floods and support relief and rebuilding efforts.
Key facts
- Campaign platform
- NepalRelief.org
- Funds raised
- $173,202, equivalent to NPR 26.23 million, as of 9:30 a.m. Sunday Nepal time
- Donation method
- Stablecoins converted into local currency
- Recipient
- The Government of Nepal’s Prime Minister’s Disaster Relief Fund
- Technology partners
- Polygon Labs’ Open Money Stack, Coinme and Cross River Bank
- Campaign approval
- Organizers said the Nepali government approved the initiative despite cryptocurrency transactions being illegal in Nepal
Quotes
Sandeep Nailwal
Co-founder of Polygon Labs and organiser of the Nepal relief donation campaign
“No one's pain matters more because of geography. But some tragedies just hit differently when they touch a place that's part of your own story, and Nepal has always felt close to home for me”
thehansindia.com
“Stablecoins work best when money has to move fast to people who need it”
thehansindia.com
Bal Krishna Joshi
Nepali technology entrepreneur and founder of Xuno
“A heartfelt thanks to the Government of Nepal for approving Cross River and Polygon Labs' crypto campaign to support the people of Nepal and contribute to the Government of Nepal's Prime Minister's Disaster Relief Fund”
thehansindia.com
Sources
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