CryptoAM.io and Level39 member BABB join forces to help the vulnerable around Canary Wharf
9th April 2020
In an attempt to reignite community spirit during the coronavirus pandemic, James Bowater of City AM’s Crypto Insider listed a fundraiser on the BABB (Bank Account Based Blockchain) platform to help elderly and vulnerable people residing around Canary Wharf, Poplar and the Isle of Dogs in London, U.K who need basic and essential supplies.
The campaign has since raised the equivalent of over £2,500 in BAX, BABB’s native cryptocurrency utility token and enough for 500 meals. Spurred on by a conversation with a religious sister living and working in East London Sister Christine Frost MBE, Bowater found that many elderly people have fallen out of the care system and are left hungry.
With 60 days left, the fundraiser aims to raise an ongoing £6,000 to be sent to local community organisations so that they can put together non-perishable items worth around £10 per parcel and deliver to those in need. Funds will also be distributed to volunteers who will make food deliveries of hot meals worth around £5-£10 per meal. Money will continue to be sent on a weekly basis until the U.K. lockdown is over.
Bowater turned to BABB, a blockchain-based platform because it can efficiently process small transfers, or in this case donations, without being charged donor fees and ensure that the funds are rapidly converted into fiat currency. BABB have also been waiving cash-out fees for those raising money for COVID-19 related campaigns.
A Medium article published on Tuesday put this partnership into perspective, proving that blockchain has a real-life application and can be used today as a utility, without being overwhelmed.
The post reads: “This platform isn’t just for those who know how to place bids and buy tokens on an Exchange. Once downloaded, users can top-up their wallet (account) directly from their credit or debit card.” “They can then donate these tokens directly to the causes they wish to support; without having to pay a fee whether the cause they are supporting is domestic, or overseas,”
David Taylor, Chief Marketing Officer of BABB, explains that corporate social responsibility needs to be at the core of a blockchain banking service platform: “We’re building a blockchain banking services platform that lowers barriers for the un-and-underbanked and has for-good at its core. Corporate Social Responsibility isn’t just a bolt-on or a nice-to-have.”
BABB have also temporarily paused the development of features and their product launch to focus on fundraising features.