Alice offers social funding through blockchain technology
by Startacus Admin
Blockchain for social good! London-based FinTech startup Alice is one of the world’s first companies to put Ethereum blockchain technology to practical use in the charity sector beyond simple cryptocurrency donations...
In 2013, the Guardian reported that UK charities are missing out on £665m in donations annually. Since then, public confidence in charities has plummeted, reaching its lowest point on record in 2016. This is a quiet crisis that puts real lives at risk and must be addressed before it is too late for the people these charities strive to help.
London-based FinTech(-for-good?) startup Alice is one of the world’s first companies to put Ethereum blockchain technology to practical use in the charity sector beyond .png "Alice blockchain social funding")
simple cryptocurrency donations. The way it works is to freeze donations to a charity until that charity can prove that they have achieved the goals set out and which attracted the donation in the first place. If they do not, the money is simply returned to the donors.
This money is paid in normal currency rather than cryptocurrencies, which are too volatile, a process made possible partly in partnership with the Financial Conduct Authority’s sandbox programme - which aims to foster innovation in the financial services industry - and with Tramonex Labs, a FinTech startup that issues e-money on the blockchain.
This methodology allows Alice and their partner charities to make the performance of charity projects public and fully auditable; ensure performance data is secure and extremely difficult to falsify or hack; and manage the conditional payment of donations based on charity performance.
The startup has been working with homelessness charity St Mungo’s in an appeal called Street Impact: 15 Lives, which is helping 15 people sleeping rough - and for whom traditional approaches and efforts to help them into housing have so far not worked - to put their lives back together. So far, over £13,000 has been raised towards this goal.
This pilot scheme with St Mungo’s is being run with funding from Nominet Trust’s Social Tech Seed programme, and we think that this helping hand will be all Alice needs to help prove how valuable they could be to rebuilding trust in charity.
Like the sound of this Fintech startup? You might want to read up on:
Wagestream - offering employee financial wellness at a click.
Wrisk - The InsurTech startup that's on a mission to make macroinsurance our insurance of choice.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Software has become a powerful tool for businesses to harness. here are 4 software essentials your startup could adopt right now.
The Dublin-based MedTech company that is enabling remote monitoring of those with mild to moderate COVID-19 symptoms who are in self-isolation
The new FinTech platform that provides “the easy way to sell your unused and unwanted foreign cash currency at the best rates”.
In order to combat some of the impact caused by the coronavirus, many tourism focused attractions are turning to tech solutions. Here's a few!
The Trinity College spinout that has created a cost-effective hand hygiene training system teaching the WHO technique…
The lowdown on Budget Music Videos, the Belfast-based startup that will help you make a music video in a matter of minutes
BMW’s Innovation Lab next two sprints focuses on improving internal customer-led efficiencies or tech solutions that provide valuable data insights and analytics
WebARX create a COVID-19 cyber threats page to collect all the cyber attacks and online threats surrounding the COVID-19 pandemic
Require external capital to fund growth and worried about the potential impact coronavirus may have on your funding plans?
In response to the COVID-19 pandemic, Chivas Divides its $1m No-Strings Venture Fund Between 26 Startups
Published on: 15th September 2018
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Chivas Venture divides this year's $1m Venture Fund between 26 global Startups 23rd Mar 2020 In response to the COVID-19 pandemic, Chivas Divides its $1m No-Strings Venture Fund Between 26 Startups
- The open-source design of emergency ventilators for COVID-19 patients 20th Mar 2020 World Wide Community of over 500 designers engineers & medics finalising prototypes for safe scalable manufacture & rapid field deployment..
- Positive-ish reaction from small business and startup community to UK Chancellor’s Corona budget 11th Mar 2020 New UK Chancellor Rishi Sunak just delivered his first UK Budget. We took a look at first reactions from small business and startup leaders.
- Hyper-realistic plant-based meat company THIS™ raises £4.7m 11th Mar 2020 Major investment news for THIS™, arguably the world's most realistic meat alternative company, to help it keep up with growing demand
