Airdrop Venezuela aims to raise $1 million in cryptocurrencies for 100,000 verified Venezuelan AirTM accounts. At present, they have raised just over $110,000, with the majority of donations to date made in Bitcoin Cash.
Generous contributors can choose to make donations in 14 popular cryptocurrencies. These include Bitcoin, Bitcoin Cash, Ethereum, Zcash, Litecoin, Dash, Ripple, Stellar, Ethereum Classic, and also the stablecoin AirUSD.
In 2018, Venezuela will close the year with a hyperinflation of over 2,500,000%, according to IMF estimates.
— Airtm Inc (@AirtmInc) December 11, 2018
According to a blog post, in Venezuela, at least 8 out of 10 people live below the poverty line. There is a high level of malnutrition among children, adolescents, and adults. The informal labour market is estimated to be as high as 40%, as many people do not earn enough money from their formal occupations to cover the costs of basic necessities.
The Center for Worker Documentation and Analysis (CENDA) have also estimated that Venezuelans have seen over 100% price rises for fruits, vegetables, and meats over the past month alone.
After raising funds in crypto, the Airdrop Venezuela project will look to distribute holdings to 100,000 ID-authenticated Venezuelans, distributing $10 each straight to their AirTM e-wallets.
The project believes that “ten dollars can help a family purchase food, medicine, and scarce imported goods.”
“One of the purposes of the airdrop campaign is to educate Venezuelans on the entrepreneurial opportunities made possible through crypto, and help them enter the crypto market more quickly and easily. Users will receive coins that can be traded, used to start mining, or used to pursue other financial initiatives.”
So far, the initiative has identified more than 25,000 verified Venezuelan users who will be recipients of the airdrop. This is 25% of its goal to distribute the funds raised to 100,000 Venezuelans.
Bitcoin.com are matching donations raised in BCH
Roger Ver (CEO of Bitcoin.com) has announced on Reddit that his organisation will be matching any donations received by the initiative in BCH. He went on to give proof that 327 BCH had been sent from a Bitcoin.com wallet to the donation address.
At the time of writing, donations in Bitcoin Cash make up over half of all contributions received.
Airdrop 2018/19 timeline
The campaign period is running from now until the end of the year. After this, they will have a grace period for recipient verification and distribution preparations. Weekly distribution will then start in late February 2019, with new currency distributed to the verified recipients of AirTM wallets on Monday of each week.
For the remainder of 2019, the project will continue to share airdrop stories through their mailing list.
Airdrop Venezuela will be powered by the AirTM wallet. The wallet is connected to bank networks and e-money systems all over the world (including Venezuela). AirTM is already used by thousands of Venezuelans today. Over the past three years, AirTM has developed expertise at authenticating digital identities to prevent fraud.