How can the GLX benefit NGOs and international organizations?
Among the many use cases for the GLX stablecoin, we could say the most globally important one is for Non-Governmental Organizations (NGOs) and other nonprofit organizations.
“Donations in cryptocurrency have been increasing in frequency. Due to their transparency and accountability, non-profit organizations have started to accept contributions in digital currencies, and this has helped them to raise more funds from a new subset of donors” — Alexander Lielacher
Many causes accept bitcoin and other cryptocurrencies today as a method of donating. However, the blockchain and solutions like the GLX have other important roles to play for NGOs in terms of transparency, speed, convenience and costs. That is why the Blockchain has been adopted by NGOs and will continue to benefit this sector in the future.
✔ Transparency and public trust
The public image of NGOs and charities relies on complete accountability. Working on the Blockchain will ensure that records and remittances cannot be manipulated by third parties, and remain transparent, which can help organizations gain trust from donors and the general public.
✔ Speed and convenience
Blockchain is being used to verify payments and track goods and services to ensure both are reaching their destination, often in more remote parts of the world and usually without a traditional or robust infrastructure.
✔ Low transaction fees
“UK charities, for example, are losing 50 million euros a year in transfer fees and exchange rate” — Ayush Aggarwal
International organizations need to ensure all donations are cost-effectively transmitted to the area of need with minimal transaction or administration costs. This is where the GLX fits in. NGOs and Charities can avoid the high foreign exchange costs in remittances by using the GLX: a stablecoin within the crypto world. Cross-border payments can be done quickly and efficiently at a small cost and without the risk of losing value during the conversion process. So far, the payment service provided by Globcoin and the GLX is the best cost-effective solution for instant and transparent remittances.
✔ Providing global values in a stablecoin format
Even if the advantages of cryptocurrencies are obvious for NGOs and nonprofit organizations, they still have to deal with one last issue: volatility. This is where stablecoins come in as an alternative: sending money across countries with differing levels of inflation can be challenging in terms of ‘holding the value’, and even obtaining stable fiat currencies like USD is not possible in cases like Venezuela, for example. The GLX is the most global stablecoin of all, and represents the perfect solution for the NFP sector.
The GLX is based on the currencies representing the core world economies today, reflecting the diverse components of the global mix with a small overweighting to the key emerging economies across all continents. The GLX provides stability for international organizations dealing with this problem, offering the benefits of fiat and the benefits of crypto all in one.
Moreover, the GLX will provide a transparent, auditable, and secure protocol. The deposits will be held securely at Prime Banks and regularly audited by a reputable auditing firm. All this, backed by the long experience and reputation of an international team. Learn more about security and transparency in the GLX here.
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