- Circle partners with EnDAOment to launch disaster assistance fund based on USDC to assist communities affected by the tragic storms that struck last weekend.
- Donations of $20 or more can be made using USD Coin (USDC) or other cryptocurrencies via connected crypto wallets from the fund page. A credit or debit card can be used to donate fiat currency in any denomination.
Circle, the corporation behind the USDC stablecoin, has announced a partnership with another charity group, Endaoment, to gather funds for storm assistance, namely in the aftermath of last week’s tornadoes that decimated numerous mid-western American cities. The fund will be introduced simultaneously to Circle workers and the broader Web3 community, with the aim of raising $1 million in grants to benefit the American Red Cross and local, hands-on non-profit groups. It will include a promise from Circle to match employee donations. In addition, Endaoment provides the framework for Circle Impact Disaster Relief Fund donations to be processed and distributed to those in need.
An unprecedented series of tornadoes ripped through the Midwest and South of the United States last week. According to reports, Kentucky was one of the hardest impacted states, with 74 people killed and more than 100 still missing. Wind gusts of up to 150 mph (241.4 km/h) have also been confirmed.
According to the announcement, the two parties hope to gather at least $1 million in grants to enable residents affected by the natural disaster to get a “soft landing.”
The Circle Impact Disaster Relief Fund is a long-term mechanism for making simple, easy, non-profit disaster relief donations. It is part of Circle’s recently announced Circle Impact programme. Minimum donations of $20 can be made using USD Coin (USDC) or other cryptocurrencies via connected crypto wallets from the fund page. In any denomination, donations in fiat currency can be made using a credit or debit card.
Endaoment is the first fully on-chain 501(c)(3) non-profit dedicated to providing a speedier, more recorded, and transparent donating experience and facilitating more efficient payment mobilisation.
Endaoment’s audit trail gains remarkable clarity and donation efficacy by raising funds and sending donations on an open-source blockchain. Endaoment can provide greater value to grant recipients than other organisations thanks to its revolutionary donor-advised fund strategy and low-cost structure.
Meanwhile, the monies will be sent in $20,000 increments to seven other charities rather than directly to the catastrophe victims.
“Our employees asked how Circle could help the communities devastated by this weekend’s storms,” stated Jeremy Allaire, co-founder and CEO of Circle. “We knew Endaoment could help us create a funding mechanism that would put aid in the hands of communities faster and provide the donation platform to extend donation opportunities across the Web3 community. They have been a tremendous and fast collaborator in this initiative.”
The American Red Cross, Team Western Kentucky Tornado Relief Fund, All Hands and Hearts, Center for Disaster Philanthropy, Team Rubicon, Mutual Aid Relief, and Midwest Food Bank NFP are collaborating charities. So far, more than $6,800 has been raised in donations.
Each organisation will choose to receive their grant in US Dollars by bank wire or in USDC via their cryptocurrency wallet.
Meanwhile, Endaoment’s Founder and CEO, Robert Heeger, remarked on his company’s partnership with Circle. He stated, “It is through incredible partners like Circle that we have been able to grant more than $11 million worth of donations to nearly 300 non-profits this year.”
Heeger went on to say that with Circle’s help, Endaoment should be able to expand its tentacles even further and have an even broader impact as the company continues to empower and give to more philanthropic causes.