ETH-Based Developer Crowdfunding Platform Joins Fight Against Coronavirus


The proliferation of cryptocurrency companies seeking to donate or raise funds for coronavirus relief efforts continues. Ethereum-based crowdfunding platform, Gitcoin, is advancing this trend by pledging at least $50,000 in development grants toward coronavirus-related initiatives.

On March 14, Gitcoin tweeted that its fifth round of grants already has $50,000 committed toward “public health” initiatives. However, it is seeking to reach a minimum of $100,000, with the goal of distributing sufficient funds to multiple efforts.

Gitcoin seeks $100,000 raise for public health projects

The project has invited the public to refer relevant health projects to Gitcoin, noting that submissions will be reviewed alongside partner entities on a “case-by-case basis.”

Funding for Gitcoin’s fifth grants round will begin on March 23 — having been delayed by one week from March 16 as a result of last week’s extreme market volatility.

However, multiple technologies underpinning the Gitcoin platform are still facing challenges following the crypto market meltdown — with Ethereum currently experiencing high transaction fees, and MakerDAO — the company behind the Dai stablecoin, which is used as a means of payment on Gitcoin — soon to conduct its first-ever Debt Auction.

Crypto projects rally behind ‘Folding at Home’

On March 14, blockchain-based decentralized computing network, Golem, advocated that people divert their spare computational resources to Folding at Home — an initiative that pools excess computation power towards research into COVID-19, including potential drugs and therapies.

Blockchain platform Tezos (XTZ) has also promoted Folding at Home by organizing a donation-driven prize pool of several hundred XTZ. They will award these funds to the top-performing Folding at Home participant as of March 30.

Other crypto projects have offered up their technology for free to assist in coronavirus relief efforts, with blockchain-based education platform, Odem, freely offering its platform to educational institutions facing curriculum disruptions as a result of the pandemic.

Red Cross launches Bitcoin fundraisers

On March 12, the Italian Red Cross announced that it had partnered with Heperbit to accept cryptocurrency donations. They hope to establish an advanced medical post for pre-triaging individuals infected with the coronavirus.

The Dutch Red Cross has launched a similar initiative, partnering with BitPay to receive and earmark cryptocurrency donations for coronavirus initiatives.

On March 9, Binance Charity completed the second phase of its coronavirus relief efforts, purchasing medical supplies for 130 hospitals and disease control centers.

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