Ethereum’s crowdfunding platform to fight COVID-19

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Mar 14, 2020
  • Ethereum's largest crowdfunding platform, Gitcoin, is preparing to hold a new funding round dedicated to public health.
  • The initiative comes in response to the coronavirus outbreak which is still spreading throughout the world.
  • The project has invited the public to recommend health-related projects, and it announced that the goal is to raise at least $100,000.

Ethereum’s leading crowdfunding platform, Gitcoin, recently announced that it plans to hold a funding round that will include a public health-focused category. The new move comes as the platform’s way of contributing to the fight against the coronavirus outbreak, while the virus continues to spread and infect thousands around the world.

The new Public Health category includes various relief efforts and medical research projects, and Gitcoin itself has set aside $50,000 worth of funds for the funding round. According to the announcement, the goal is to raise as much as possible, with the minimum amount being $100,000.

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The funds will then be given to the participants, based on the donation matching system of the platform. No health projects have been accepted as of yet, but this is understandable since the announcement is still not even a day old.

To help make the offering as diverse as possible, Gitcoin has invited the public to refer all relevant projects that they know of to the fundraiser. Meanwhile, Gitcoin itself plans to work with its partners to review every submission on a case-by-case basis, as the announcement claims.

New crypto market crash delays the funding round

The initiative is the part of Gitcoin Grants Round 5, which is also expected to include Ethereum projects, in general. There are around 58 media projects, as well as 309 tech projects that are currently listed on Gitcoin Grants. Another interesting detail about the round is that it was initially supposed to start on March 16th. However, Gitcoin decided to delay it on March 12th, due to high volatility that crashed the crypto market, which is currently in the process of recovery.

While Gitcoin did not address its concerns in detail, it is likely that the concerns do exist, especially since it relies heavily on Maker’s stablecoin, DAI. Maker is currently taking some emergency measures to maintain the coin’s stability, although it is worth noting that DAI managed to pass the test of volatility and maintain its price despite the major market crash.

The new plan is to start the funding round on March 23rd, and hopefully, all the issues will be resolved by then.

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