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- The Stellar Lumens Foundation will donate 2.5 million XLM to support charities such as UNICEF and the Tor Project to mitigate the Coronavirus crisis.
- The first donations will be for an amount of 100,000 XLM for 6 charities.
The Stellar Development Foundation (SDF) announced that it will donate 2.5 million XLM to alleviate the crisis caused by the Coronavirus pandemic (COVID-19). According to the publication, the Foundation has stability and reserves of XLM to overcome the crisis. However, they feel that the world is going through an unprecedented crisis that must be addressed.
Stellar Lumens community will be involved
The Stellar Development Foundation will accomplish its goal in conjunction with the Stellar Lumens community. According to the publication:
Stellar has an active community. With the combined power of those two things, we can work together to help organizations that are creating vital change in the world, and we can help them today.
The 2.5 million XLM will be part of the Lumenthropy program and will be sent to a selected group of charities. The only requirement is that donation recipients must accept XLM. The Stellar Development Foundation will begin by donating 100,000 XLM to charities such as UNICEF, the Tor Project, Heifer International, Watsi, Freedom of the Press and Women Who Code. In addition, the Foundation said it will use the rest of the funds to match donations made by the community.
To donate, please go to the Lumenthropy donation page. The Foundation will track charities and then match community donations. In addition, the Foundation is committed to keep the community up to date:
We’re grateful to Lumenthropy for their partnership because their work represents the amazing impact this network and this community can make, not just in this time of crisis but well beyond. The time and effort they’ve put in to bring non-profits onboard with our technology is an inspiration, and we’re excited that they are in conversations to expand this service to even more organizations.
The crisis caused by the expansion of COVID-19 has impacted the whole world. There has been a significant negative impact on traditional markets and the crypto market in particular. However, in the crisis, initiatives have emerged from the crypto community that show how cryptocurrencies are a means to mitigate crises in more than one way.
As reported by Crypto News Flash, one of the initiatives was carried out by the Italian Red Cross and the Colli Albani Committee who launched a fundraising campaign in Bitcoin and other cryptocurrencies. The campaign managed to raise 2 BTC that will be used to buy medical equipment.
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