SINGAPORE, November 26, 2024 — Hong Kong-based blockchain platform supplier Coda Bridge has introduced a collaboration with StraitsX, a Singaporean funds infrastructure supplier, to pilot a blockchain-powered charitable initiative. Notably, this system goals to subject digital meal vouchers by means of blockchain know-how to underserved communities in Singapore, enhancing transparency and accountability in charitable giving.
The pilot challenge, working from November 2024 to February 2025, will present Function Sure Cash (PBM)—a digital voucher tied to particular makes use of reminiscent of eating—to migrant staff and deprived teams. In the meantime, beneficiaries can redeem these vouchers at Dignity Kitchen Singapore, a social enterprise supporting people with bodily and monetary challenges.
How It Works
Coda Bridge will use StraitsX’s Singapore dollar-pegged stablecoin, XSGD, to create and handle PBM digital meal vouchers. Subsequent, beneficiaries will obtain these vouchers by means of their cellphones and might scan QR codes at Dignity Kitchen to pay for meals. After redemption, Dignity Kitchen will reconcile the vouchers and obtain money from the challenge sponsor, Ray of Hope, guaranteeing funds are used as supposed.
Notedly, PBM leverages good contracts, guaranteeing that donated funds are solely spent on authorized functions. Fpr context, the initiative builds on Coda Bridge’s earlier success in Hong Kong, the place comparable vouchers have been distributed to households supported by Ronald McDonald Home Charities and Dignity Kitchen Hong Kong.
Increasing Blockchain Use Instances
StraitsX’s involvement aligns with its mission to develop the purposes of digital currencies like XSGD. As a Main Cost Establishment licensed by the Financial Authority of Singapore, StraitsX ensures regulatory compliance whereas exploring improvements reminiscent of cross-border funds. “Programmable cash affords transformative potential, from enhancing transparency in charity to streamlining funds throughout industries,” stated a StraitsX consultant.
This pilot program in Singapore represents a broader imaginative and prescient to make use of blockchain know-how for social good. Coda Bridge goals to combine extra charities and social enterprises into the PBM ecosystem, doubtlessly reshaping how donations are managed globally.
Background and Subsequent Steps
Coda Bridge, backed by enterprise capitalists and headquartered in Hong Kong, is a fintech chief specializing in blockchain-powered monetary options. StraitsX, a part of the Southeast Asian monetary companies platform Fazz, focuses on digital asset fee infrastructure.
If profitable, this challenge may develop PBM’s purposes past charitable giving to different sectors requiring clear, purpose-specific fund administration.
For extra info on the initiative or to become involved, go to Coda Bridge and StraitsX.
