The company uses digital ID and blockchain technology to provide international aid and payouts
Financial services company AID: Tech announced yesterday that it will use payment rails from stablecoin issuer Circle to provide fraudulent USDC disaster relief.
AID: Tech aims to reduce inequality and increase opportunities by creating accountability and transparency in the distribution of federal aid. They were the first company to use blockchain technology to provide international aid in 2015.
With the technology from AID: Tech, those in need can easily access data and payments and receive them directly. The company has worked with development banks, government agencies, and charities such as St. Vincent de Paul Disaster Services and Women’s World Banking.
St. Vincent de Paul Disaster Services CEO Elizabeth Disco-Shearer said: “We ran a hugely successful pilot with AID: Tech in Florida for the first time in 2018, and it opened our eyes to the power of blockchain and how it can help us deliver more disaster services faster. We are grateful to work with AID: Tech and see how new financial solutions can make a difference. “
Users of AID: Tech’s digital ID and blockchain technology can put beneficiaries on board with options for document submission, self-verification and individual case management. Withdrawals can then be made immediately using cash, payment cards, vouchers or directly to digital wallets. Organizations can even collect data on the spending behavior of their beneficiaries.
AID: Tech Co-Founder and CEO Joseph Thompson said of the new collaboration: “AID: Tech’s collaboration with Circle accelerates our ability to provide seamless, transparent payment transactions between humanitarian organizations, merchants and people in need of quick access to funds. After a disaster, money matters and timing is everything. This collaboration gives AID: Tech the opportunity to make a meaningful impact when people need it most. “
The speed, convenience, and global nature of digital assets make them an ideal solution to many real-world problems.
Circle Co-Founder and CEO, Jeremy Allaire, commented: “It has been extremely rewarding to work with AID: Tech to provide USDC relief to those affected by natural disasters and to provide financial support to the underserved. It’s carrying out the mission we set out to do when we started our journey with Circle. “