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A missing link in social giving: A SocialFi platform based on the gold standard

A missing link in social giving: A SocialFi platform based on the gold standard

When it comes to supporting the international development agenda, social giving is crucial. However, managing donations requires clarity on the movement of funds. Unfortunately, donation management currently lacks reliable traceability features, which makes it difficult for donors to understand how their contributions are being used. The inefficiencies surrounding cross-border fund transfers and the lack of transparency create a barrier discouraging potential donors from reaching out to regions in need.

Blockchain offers a solution to these struggles faced by social giving. Every transaction made on a blockchain is publicly traceable, so donors can easily track where their donations end up. However, there is still a missing link in ensuring the recipient gets easy access to the funds. Since crypto is not widely accepted as a payment method, recipients need a fiat off-ramp to convert donations into local currency.

Local crypto exchange to off-ramp donations

The Fruits Eco-Blockchain Project has announced the launch of a series of local crypto exchanges, starting with Tanzania, to address this issue. The Fruits Gold Exchange Global (FGXG) crypto exchange will launch in June, providing swaps from FRTS, the native token of the Fruits Eco-Blockchain Project, and other funds into assets like cash, thus enabling swaps for those in need who can then use crypto donations for their daily lives. Additionally, the Fruits team aims to have people use the FGXG exchange as a fiat on-ramp, swapping local currency for crypto assets.

Source: Fruits

Source: Fruits

The FGXG crypto exchange is solely a social finance platform based on the gold standard and will not offer any derivative services in order to avoid any potential regulatory blockade and remain true to its primary function. The exchange will also enable the exchange of crypto assets into physical gold-backed assets, including gold-backed stablecoins, gold ingot NFTs, and more.

To achieve FRTS-driven financial inclusion across Africa, the Fruits team had to find a level of stabilization for the value of the FRTS token. As the Fruits Eco-Blockchain doesn’t have gas fees or transaction delays, FRTS can be used for cross-border remittances.

Double the charity with Smile Coins

When using FRTS for payments or in any other transactions, users will automatically receive Smile Coins as a sign of gratitude. Smile coins are like points earned through Fruits payments and donation activities. Smile Coins act as a donation coin on the Fruits platform to help one of the sustainable development goals (SDGs) listed on Fruits’ charity portal. Users can pick from a variety of options, such as their favorite SDG, and donate Smile Coins, generating yet another token — Thanks Fruits Seed Tokens (TFSTs), which is made possible because of Fruits’ unique multi-layered smart contracts combined with its no-transaction fee feature. These tokens vary in utility, like lottery tokens with FRTS awards, prompting users to generate and donate more Smile Coins.

After the launch of FGXG, the Fruits team will introduce the Gold Standard Stable Coin and Gold Ingot NFT to provide store of value tokens, to be pegged 1:1 to gold, and holders will track the live status of gold via a 24-hour live feed on the Fruits blockchain.

The Fruits team believes that a social finance platform donning the gold standard would contribute to the financial inclusion of the crypto industry as well as the financial industry. Starting with Tanzania, FGXG would also contribute to employment and economic revitalization of the African population. Following the feedback from the first FGXG site in Tanzania, the Fruits team plans to establish similar exchanges in other regions while maintaining compliance with the local laws of each country.

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