Mumbai-based crypto startup Pocketbits has partnered with Indiabits to create a channel for cryptocurrency holders to donate funds to the people of Kerala, where recent floods left nearly 400 dead and tens of thousands homeless.
It is not alone in this mission as many of the major names in the startup and tech ecosystem, such as Paytm, Flipkart, Facebook, Google, Zomato, BigBasket, have also been helping people donate relief materials. The natural disaster has caused damages estimated to be in the billions.
Pocketbits’ website for donations
Indiabits and Pocketbits are also helping to transfer goods to non-profit organisations in Kerala. The latter has set up a website specifically for donations. It has so far received close to $2,000 in crypto donations.
“We have set up this page to assist cryptocurrency holders from around the globe to contribute to the State’s Chief Minister’s Distress Relief Fund and enable the purchase of goods for transfer to NGOs,” says Pocketbits on its website.
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“All coins sent will be converted to INR at spot prices every few hours. Half the funds will be wired to the Chief Minister’s fund. The other half will be used to buy goods to donate towards Goonj,” it adds. “We will also be working with regional NGOs (Goonj on Amazon and Anbodu Kochi) to have goods (sanitary napkins, medicines, etcetera) delivered to pick up centres in Bengaluru.”
What happens to donations
The crypto startup explains the steps for donations to be made. Firstly, “donate any of the listed coins to the addresses mentioned below. You may also transfer via logging into your Pocketbits account.”
The cryptocurrencies being accepted are Bitcoin, Bitcoin Cash, Litecoin, Ripple, Tron, Tezos, Ethereum and ERC 20 Tokens as well as Tether.
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Secondly, “the crypto coins will be converted to INR (Indian Rupee) via PocketBits to mitigate volatility,” and thirdly, “Half of the proceeds raised will be used to purchase essential items like tarpaulin, biscuits, drinking water, batteries, torches, sanitary pads, bed sheets, blankets, umbrellas, etcetera”. As mentioned before, the other half of the donations will be directly transferred to the Chief Minister’s Distress Relief Fund in Kerala.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.