The Company leverages blockchain technology and digital identification to send aid across the globe.
Yesterday, financial services firm AID:Tech announced that it will use Circle’s payment platform and USDC stablecoin for fraud-resistant disaster assistance.
AID:Tech is dedicated to reducing inequality and increasing opportunity through transparency and accountability in the distribution of aid. In 2015, the company became the first to use blockchain for international aid.
AID:Tech’s technology allows individuals who are in financial need to access and receive payments and data directly from the company. They have worked with charities, banks and government agencies such as St. Vincent de Paul Disaster Services and Women’s World Banking.
St. Vincent de Paul Disaster Services CEO Elizabeth Disco-Shearer said: “Our successful pilot with AID:Tech in Florida in 2018 showed us the power of blockchain and how it can help us deliver more disaster services quickly. We are grateful to work with AID:Tech and witness the real difference new financial solutions can make.“.
Using digital ID and blockchain technology, AID:Tech enables users to submit documents, self-verify and manage individual cases. Payments can then be sent using cash, payment cards or vouchers and organizations can record data about the spending of beneficiaries.
AID:Tech Co-Founder and CEO Joseph Thompson said: “This collaboration with Circle allows AID:Tech to provide transparent and efficient payment transactions between humanitarian organizations, retailers and people who need access to funds quickly. After a disaster, money matters and timing is everything. This collaboration enables AID:Tech to make a significant impact when it matters most.“.
The convenience, speed, global reach and portability of digital assets make them ideal solutions to many real-world problems. Leveraging USDC will help AID:Tech maximize charitable programs, government spending and relief distribution for those affected by a natural disaster.
Circle Co-Founder and CEO Jeremy Allaire commented: “We are delighted to partner with AID:Tech to improve the delivery of relief payments via USDC to those affected by a natural disaster and help the underserved gain access to finance. This is the mission we set out to achieve when we started Circle.“.