Airtm Set to Raise $10 Worth of Cryptos for 100,000 ID-authenticated Venezuelans

Airtm Set to Raise $10 Worth of Cryptos for 100,000 ID-authenticated Venezuelans


It is no news that Venezuela is going through the highest level of hyperinflation ever experienced by a South American country. In a bid to help the residents of this country in this trying time, a cryptocurrency “airdrop” fundraiser has been launched. Through the fundraiser, the country hopes to raise about a million USD in various cryptos. The “airdrop” project is an initiative of a digital wallet connected to banks— Airtm.

Airtm Set to Raise $1 Million

Airtm plans to raise about $1 million in cryptos. The money is expected to get distributed to about 100,000 ID-authenticated Venezuelans. This means each person gets $10, which can, in turn, be spent on “food, medicine, and scarce imported goods.”

Through Airtm, a donation can be made using some of the top Cryptos in the market and some others. Notable mentions on the list of accepted cryptos include: Bitcoin core, Bitcoin Cash, Zcash, Dash, Ethereum, Litecoin, and ripple. Through the wallets, this coins can then be converted to cash which can then be converted to dollars and sent to a local bank account.

According to information released by Airtm, the project which was launched on Nov. 27, has so far raised up to $50,000 in cryptos.

Venezuela’s National Currency is Worthless

Due to the hyperinflation, the country is going through, the country’s national currency—bolivar is no longer worth the paper it is printed on. This has led to the wide acceptance of cryptocurrency as a source of payment by the residents of the country.

According to a statement released by Airtm, the hyperinflation the country is going through has rendered more than 60 percent of the country jobless. The statement reads that:
“61% of Venezuelans have had trouble putting food on the table in 2017. The situation has continued to worsen this year and is expected to deteriorate throughout 2019. Help us spread the word, and share the message.”