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.
Rent the Backyard will build a studio apartment in your backyard, splitting the rental profits with you 50/50. Intrigued?
Revive was created to bring new life to coffee waste, collecting and recycling used coffee grounds to create a palm oil alternative!
Chilled beers, wines and spirits delivered in one hour, thanks to Edinburgh-based startup Drinkly.
Bubblebum has had its flagship product named as one of the Most Innovative and Most Attractive at the Child Baby & Maternity Expo in China.
Influencer marketing remains largely unchartered territory for many businesses, so here are some tips for getting it right on the first go.
Step forward Raise Accelerator, Northern Ireland's first privately-run startup accelerator. We chatted to three founders from their first cohort.
Rich Maaghul, CEO of ODEM.io explores the future of education and how disruption will transform the way that we learn...
The app that helps you achieve your goal body with easy to follow workouts for the gym or home.
The London based startup that has safer home care provision as its mission
The ethical rewards app Koin Rewards, reimagining loyalty through responsible shopping and tokenisation.
Published on: 15th September 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- IAG’s Hangar 51 takes flight with latest innovation programme 31st Jul 2019 The latest Hangar 51 innovation programme is on the hunt for tech startups with a broad range of aviation industry solutions.
- 10 FMCG startups selected for first Seedrs accelerator 24th Jul 2019 10 FMCG startups selected for the 1st Seedrs FMCG accelerator, which aims to help FMCG startups raise capital on the platform
- Startup Leadership Program invites applications for its 9th London cohort 12th Jul 2019 The Startup Leadership Program continues to grow, inviting applications for its 9th London cohort to join the six-month program.
- Latest Zinc Company Builder Programme to transform the quality of later life 9th Jul 2019 Do you want to build a new purpose-driven startup with support from a world-class network of experts?
