Fundraiser looks to blockchain for transparency in donation use
CharityStars, an online fundraising auction platform, has announced that its token for charitable giving, AidCoin, has raised 8,333 Ether (more than $4 million) in a presale.
AidCoin is an ERC20 utility token that allows CharityStars to raise funds through blockchain technology and easily track donations on the AidChain public ledger, a press release said.
With AidCoin, donors can take advantage of blockchain technology to track transactions; use cryptocurrencies to transfer funds immediately and immutably; and set up smart contracts that ensure donations are spent correctly, the release said.
AidCoin also allows charities to integrate an AidPay donation button on their website that allows them to accept cryptocurrencies in their fundraising campaigns.
Los Angeles-based CharityStars was co-founded in 2013 by Francesco Nazari Fusetti, Manuela Ravalli and Domenico Gravagno. To date, the organization has raised more $10 million supporting 450 charities and has worked more than 1,000 celebrities and brand partners to present auctions of select products and luxury experiences (such as dinner with a celebrity).
"[D]onors are increasingly demanding transparency and accountability for where their money is going," CEO Fusetti said in the release. "Traceable and secure by design, blockchain has the potential to completely revamp the charity sector and address the well-founded concerns of gracious donors around the world."
The AidCoin token sale will take place Dec. 15–30, under the auspices of Bitcoin Suisse, a crypto-asset broker and asset manager.
As soon as the sale closes, donors may use the AidCoin token on the CharityStars platform to purchase one of 500 monthly high-profile auctions featuring celebrities, artists and luxury experiences.