Dether Teams Up With ConsenSys and MakerDAO for Bifrost Project
Project Bifrost is a system that expedites and reduces the cost of delivering of cash on the ground in crisis areas.
When we think about the future of Dether, we envision ways in which we can help people — especially the unbanked and those excluded from the current financial system. Today, global crises around the world mean that aid organizations are struggling to get cash on the ground to those that need it most. When you make a donation to an aid organization, it may go through at least three different banks over several weeks before it makes it on the ground. Could Dether’s peer-to-peer technology help aid workers on the ground get cash faster by working with local population?
Today, we are thrilled to announce that we are part of a project that is making this idea a reality.
Headed by ConsenSys Social Impact and MakerDAO, Project Bifrost uses blockchain technology to enable peer-to-peer value transfers, creating a more direct process for financial contributors to donate to those in need of assistance. With Project Bifrost, donations can be transferred in less than three days and for less than 1% of transaction fees. Initial donations are converted to Dai. Once the staff member on the group receives the Dai, they will use Dether to connect with a local or local business that will allow them to exchange the sent Dai for their local currency. Staff workers on the ground can then distribute the cash faster to those who need it most.
We believe that Project Bifrost could change the future of aid distribution across the globe, and we are honored to be a part of this new initiative!