In an announcement, RLabs, a Cape Town-based social impact incubator has launched a Bitcoin crowdfunding platform, mToto. The company says that the platform will allow users to donate to projects focused on the early childhood development (ECD) and education sectors using cryptocurrencies.
Nonetheless, RLabs has emerged as a leading organization when it comes to providing platforms for entrepreneurs ever since its foundation in 2008. This social enterprise creates an environment for community-driven innovation and reconstruction. For instance, its Youth Cafes have seen more than 20,000 visits.
Youth Cafes are part of the company’s efforts that it aims to help the continent get funds for new businesses. Even the latest initiative, mToto – meaning “child” in Swahili – is the result of a partnership with Uusi and aims to develop new tools and innovative models to address challenges in the ECD and education spaces.
According to the sources at RLabs will focus specifically on providing tools and support to underserved educare centres in marginalized and under-resourced communities in South Africa. Nonetheless, the crowdfunding platform will allow users to donate Bitcoin to a number of projects listed on site.
Moreover, the company expects that with RLabs founder Marlon Parker telling Disrupt Africa the organization was looking to help activate ECD projects on the continent by tapping into the power of the blockchain community, there are bright prospects for more funding. It has come to notice that mToto will convert Bitcoin into cash for the companies and projects.
Helping out Users and Entrepreneurs Big Time
Thus, with this feature it is expected and hoped that raising enough Bitcoin to fund four companies/projects per month is possible. According to mToto they are going to convert the Bitcoin to cash and resources and share the results each month with the broader community. This appears to be the right act towards the right direction by the organization.
Though RLabs is pursuing several other projects, this Bitcoin project according to the organization is motivated by the fact that it believes that digital currencies could be the catalysts that will drive social change in Africa. According to the founder people could greatly benefit from Bitcoin’s low transaction fees and immediate accessibilities.
Marlon Parker admits that their target is current Bitcoin users who have an interest in using it for social good. In this instance they are focusing on those with an interest in the development of children.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org