Commit Good, a blockchain-based charitable platform dedicated to creating a system of transparent giving throughout all stages of the donation process, today breaks ground on its first proof of concept project with the Rentse Foundation Trust to build homes in Otse, Botswana using $GOOD currency.
The Rentse Foundation Trust, a non-profit organization dedicated to providing homes to the elderly and individuals in impoverished areas of Botswana, was awarded a grant payable in $GOOD ($58,824) currently equivalent to $10,000 USD from the Currency of Good campaign funded by the Financial Trading Group (FTG) to launch their project and build one home utilizing the blockchain as a proof of concept.
“The collaboration with Commit Good and FTG are opening new doors for our project,” said Rentse Ugokwe, founder and CEO of the Rentse Foundation Trust. “By using $GOOD as a new source of funding, we are developing low cost homes to shelter the most poverty stricken families in Botswana.”
The Rentse Foundation Trust will utilize $21,764.71 $GOOD, equivalent to $3,700 USD, to build one of 50 desired homes in a remote village of Botswana. Construction company, IMATU Enterprises, has agreed to accept $GOOD as payment and is one of the first housing projects in the world to utilize the blockchain and cryptocurrency.
Launched in Q2 2018, the Currency of Good campaign allows charitable organizations in developing countries to post projects currently underway to the Commit Good platform. Once on the platform, items can be requested to complete the project and donors can see how donations are being used. By utilizing the blockchain, Commit Good’s platform provides an increased form of transparency throughout the donation process.
“We are honored to support the Rentse Foundation housing project,” said Clay Braswell, founder and CEO of Commit Good. “Commit Good is peeling back the layers of donating by showing investors and donors, step-by-step, where their money goes and how it directly supports these charitable projects. In addition, we are placing charity coordinators on the ground in these countries to verify charities are legitimate as an added layer of transparency. Countries that face extreme poverty generally have unstable currencies and by utilizing our $GOOD currency, business owners can exchange to more stable currencies easily through cryptocurrency exchanges.”
Nick Capetanis, CEO of FTG, a financial services and investment company, states, “We are at the forefront of witnessing big changes with blockchain and philanthropy. The philanthropy landscape is one that benefits immensely from transparency. That is why we see campaigns such as the Currency of Good creating a beneficial and needed remodel of the system. FTG is looking forward to ushering in a new wave of philanthropic relations particularly on the blockchain.”