Startacus
Join Now! /

Alice offers social funding through blockchain technology

Startacus RSS

by Startacus Admin

Alice blockchain social funding
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 Alice blockchain social fundingsimple 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.
Startacus RSS
Business DealsSubmit Your Startup
Win TicketsNetwork and Collaborate
Our Latest Features



Published on: 15th September 2018

If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.


Create an Idea!View Other Ideas, Projects or Startups
Why not Sign Up?
Create Projects
Edit Projects
Self Interviews
Self Starter of the Year
Product Giveaways
Subscribe to our Newsletter
  • Stashbee announces £1.6m funding round on Seedrs 17th Jun 2019 Stashbee, the online sharing-economy platform for storage space, has announced a £1.6m funding round on leading European investment platform Seedrs.
  • The upSTART finalists at Digital DNA 2019 13th Jun 2019 upSTART, the startup pitch competition at Digital DNA 2019 will see over 20 disruptive NI-based startups pitch to determine who will win an all-expenses paid trip to explore the New York tech scene.
  • Lloyd's Lab announces third round of applications 3rd Jun 2019 From data sharing to next generation claims, insurance industry focused tech startups are currently being sought after to join Lloyd's Lab cohort 3.
  • Startup Exhibitor package at Digital DNA 2019 28th May 2019 New startup exhibitor package at Digital DNA 2019 gives startups access to 150 Speakers, an estimated 3,000 attendees, 121 investor meetings, a startup pod to exhibit and 4 x 1 full-access exhibition tickets!
Startacus
Check us out at our Google+ page!