Stellar Lumens: Stellar Aid Assist launched to support billions of people worldwide
- Stellar Lumens has announced the launch of “Stellar Aid Assist”.
- The launch of the Stellar Aid Assist platform came with the collaboration of the Stellar Development Foundation, Circle, MoneyGram International, and the Vibrant wallet application to deliver financial aid to Ukraine.
Stellar Lumens, a peer-2-peer decentralized network designed to connect the world’s financial ecosystem has launched the “Stellar Aid Assist” platform as it seeks to pioneer functional aid delivery. With the Stellar Aid Assist platform, aid organizations can lean on the powers of the blockchain infrastructure of the Stellar protocol to offer instant and transparent aid to those who need it the most.
Now Live: Stellar Aid Assist, a first-of-its-kind blockchain solution enabling relief organizations to deliver instant and transparent digital aid, globally. Learn how #Stellar is pioneering the future of aid delivery. https://t.co/cbfA6Qu9G7 pic.twitter.com/DVYW14AMyS— Stellar (@StellarOrg) December 30, 2022
The world today has seen the emergence of many aid providers but a major bottleneck remains in their delivery across the board. The bottleneck is enshrined in the delay from the disbursing agencies to those who need the aid. Besides, cutbacks in the aid amount through corruption is one thing many funding organizations are having to deal with on a regular basis.
With cash aid coming off as a means to survival for millions of people around the world, the Stellar Aid Assist outlet is designed to ensure designated beneficiaries get these funds at the lowest cost possible. As a blockchain protocol that is designed to scale digital payments, Stellar Aid Assist can be scaled to reach millions of people around the world.
Operational Modalities of Stellar Aid Assist
As detailed by the Stellar Network, interested aid organizations can be onboarded easily and their path to reaching lives can be channeled in 5 unique steps. Aid organizations can opt-in to use existing digital stablecoins and they can as well create their own tokens for use in paying the funds.
Irrespective of the methods or options adopted, the token can be distributed over the Stellar Network and the earmarked recipients will receive the funds in their Stellar-backed digital wallets. The Stellar Aid Assist platform makes it very easy for the funds’ recipients to cash out the payment in different ways, and above all, beneficiaries can convert the digital tokens received into their local currencies.
With the Stellar Aid Assist platform, funding or aid organizations can do more than onboard the beneficiaries, they can also track the progress or movement of the funds. In all, appointed administrators can start or stop the aid program and associated payments without much hassles.
The launch of the Stellar Aid Assist platform came with the collaboration of the Stellar Development Foundation, Circle, MoneyGram International, and the Vibrant wallet application to deliver financial aid to Ukraine. As a war-torn region, millions of Ukrainians are in need of financial aid, and this collaboration is using the Stellar Aid Assist gateway to deliver USDC stablecoin directly to eligible beneficiaries’ phones.
This is yet another good example of how entities in the digital currency ecosystem have shown solidarity for Ukraine in close to one year of its regional conflict with Russia. As reported by Crypto News Flash, Stellar has partnered with UNHCR to deliver aid to Ukrainians while the Finnish government reportedly nurtured plans to donate tons of confiscated Bitcoin (BTC) to Ukraine.
The emergence of blockchain payments, and now Stellar Aid Assist has shown that the world can be made a better place with the aid of emerging technology.