147

Bitcoin donors fund and construct clean water well for 1,000 Nigerian villagers

Justinas
Baltrusaitis
1 month ago
2 mins read

Various humanitarian organizations continue to leverage cryptocurrencies in a bid to offer equitable opportunities for communities by funding different projects. Notably, the use of crypto offers room for instant transactions and coordination of aid delivery. 

Indeed, the Built With Bitcoin Foundation director of philanthropy Yusuf Necessary confirmed that the organization had completed a project that provides clean water to over 1,000 Nigerian villagers in a tweet posted on August 18.

The initiative was fully funded through community Bitcoin (BTC) donations with a cumulative cost of $6,000 in BTC.

During the installation of the water well in the Igbaruku community, Kogi state residents had an opportunity to experience how Bitcoin operates. At the same time, the humanitarian organization provided Bitcoin education to the residents in the local language.

The water well project in Igbaruku community. Source: Bitcoin Magazine

Using Bitcoin for humanitarian aid 

The donations towards the project were initiated during the 2022 Bitcoin Conference. Notably, Built With Bitcoin Foundation is a non-profit organization that leverages Bitcoin to collaborate with local communities and partners to provide access to clean water, quality education, and nutritious food.

“Thanks to the donations collected at this year’s Bitcoin Conference, this community in Nigeria has a new water system to keep them hydrated and healthy—allowing them to thrive in school, work, and life,” said Yusuf.

Following the project’s completion in May, residents have access to clean water, solving challenges like reducing risks associated with water-borne diseases. 

Additionally, the foundation also built a school in Kenya in partnership with Paxful, a peer-to-peer crypto exchange platform. 

Overall, Built With Bitcoin works by attempting to solve some of the pain points associated with traditional foundations, like high overhead costs and inefficiencies in managing donor funds. 

Currently, the Built With Bitcoin structure ensures that 92% of donations are directly channeled towards the specific project while 8% covers administrative costs. Other related expenses, such as staff salaries, are covered by a separate grant fund.

Featured Image via Built With Bitcoin Foundation

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

AD