A startup in Mexico by the name AirTM has announced the launch of a campaign to gather cryptocurrency donations for the hyperinflation-ravaged Venezuelans, under the movement that it branded the AirdropVenezuela.org.
The campaign aims to gather $1 million cryptocurrency donations for Venezuelans to cushion the effect of the country’s monetary woes on the inhabitants.
After the campaign is completed 100,000 verified Venezuelans who use the AirTM platform will receive the funds.
Airtm is expected to work along with Zcash Company, the firm that issued privacy-focused cryptocurrency Zcash, and some journalists and educators in Venezuela.
Airtm had earlier integrated Zcash as a method of converting bolivars to dollars.
Invented in 2015, AirTM, is a recognized money service business (MSB) registered under the authority of the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) that enforces MSBs go in line with anti-money laundering (AML) and know-your-customer (KYC) regulatory procedures.
As we write more than 200,000 businesses and individuals leverage on AirTM outstanding platforms to “access remittance, payments, and donations at a free market rate, and to preserve wealth against the rapid devaluation of the Venezuelan bolivar.”
Zooko Wilcox, Zcash Company CEO said, “we believe that cryptocurrencies such as Zcash are beneficial for hedging against hyperinflation, day-to-day transactions, and remittances from families abroad. We are proud to support Airtm in this effort to educate and empower Venezuelans”.
— Airtm (@theairtm) November 30, 2018
Meanwhile AirTM CEO, Ruben Galindo, in a conversation with Bitcoin Magazine on the development stated the firm’s decision to increase cryptocurrency adoption in the Latin American country.
He said: “Venezuela has long been used as an example of a country that desperately needs cryptocurrency. Sadly, however, there has been little to no effort to bring most cryptocurrencies to the Venezuelan people.”
“Airdrop Venezuela will be that first bridge for crypto projects that do care about impacting the end users in the region. Being value agnostic, we will work hand in hand with every crypto community to bring their technology and its specific benefits to those who need it the most.”
Donation for the campaign can be achieved on AirTM platform by using supported cryptocurrency and AirUSD, a stablecoin by Airtm.