High-profile crypto exchange Coinbase has reportedly dedicated $150,000 to Hope for Haiti, as included in the scope of a pilot initiative, looking to financially support Haitians facing social and economic challenges.

Specifically, Hope for Haiti reportedly revealed that Coinbase is dedicating $150,000 as a grant to its pilot program, with financial inclusion-driven entity Emerging Impact and the Celo Foundation. 

Per Celo, the initiative reportedly takes advantage of the Celo Dollar (cUSD) and Emerging Impact’s Umoja platform, for offering financial support in the form of cash to mothers dealing with the negative impacts of the traumatic events in the Caribbean country. 

Haiti reportedly experienced four significant earthquakes throughout the past 12 years, including a quake happening on January 24th with a 5.3 magnitude, resulting in the death of two individuals and the destruction of 200 houses. 

Coinbase’s charity-centric division – Coinbase Giving – reportedly made the funds available to support around 1,500 Haitian residents, where those families have kids registered in the Hope for Haiti’s community nutrition program. 

The people facing hardships will reportedly have the freedom to pay for goods and services across over 30 participating merchants in Haiti using the money given, with the choice for the vendors to cash out the digital funds using local money management service MonCash.

“This initiative with Hope for Haiti and Emerging Impact is particularly exciting because of how it uses blockchain-based technology to promote more efficient and effective giving, hopefully serving as an inspiration for ideas across the crypto economy and philanthropic sectors,” Coinbase Giving’s head, Dominique Baillet, further remarked regarding the development.

Different individuals and charitable entities have reportedly turned to crypto as an appropriate measure for delivering the funds to the hands of the at-risk after a natural disaster occurs, or in a nation dealing with political turmoil.