With Celo’s mobile-first stablecoin platform, CARE aims to achieve a quicker, cheaper and more traceable way of delivering aid. Celo’s cUSD stablecoin will be used for a voucher-based system to disseminate humanitarian aid to Ecuadorian women in need of health services.
Blockchain enables quicker reconciliation and real-time analytics and despite being a public blockchain, Celo allows for fast payment finality. Transferring funds via the blockchain will also bypass financial intermediaries, reducing cross-border operating costs.
“Working with leaders like CARE shows that Celo is the blockchain of choice for major NGOs looking for a better way to deliver aid,” said Will Le, Innovation Partner at Celo.
The vouchers will be distributed through the Umoja platform developed by Emerging Impact.
Earlier this year, Celo successfully used the cUSD stablecoin and its international remittances app, Valora, for microfinance in the Philippines. It is expanding the reach of its blockchain technology and last year launched its ‘Alliance for Prosperity’ foundation with the primary aim of financial inclusion.
To date, Celo raised more than $65 million, including from Andreessen Horowitz. Last month it spun out the Valora wallet as an independent company which attracted $20 million in funding.