Bank Account Based Blockchain (BABB) and have launched a fundraising initiative on March 31 to help vulnerable and elderly people living in Canary Wharf, Poplar and the Isle of Dogs in London, United Kingdom.

According to the announcement, BABB’s native cryptocurrency utility token, BAX, is the parent of the project, where transactions will be made quickly, regardless of whether they are low amounts, in addition to being an expedited and free way for the donor.

Many vulnerable people reside in the Isle of Dogs

CryptoAM’s Crypto Insider, James Bowater, realized that many older adults are outside the country’s health and care system, which is why they are going hungry.

Bowater added the following comments in this regard, also referring to recent global events:

“One of the most important potential byproducts of the COVID-19 crisis will be the rebuilding of community spirit which has long been fading. By sharing [these stories] I hope that others can rediscover their community spirit.”

BABB is working closely with Bowater to ensure that the raised crypto funds reach those who need it most directly, after converting it into fiat currency so they can benefit even more.

Blockchain as a solution for fundraising projects

Speaking with Cointelegraph, David Taylor, BABB’s Chief Marketing Officer, stated the following about the company’s support for this type of fundraising projects:

“Canary Wharf is a global epicentre of financial services. We recently found out that many vulnerable people in the local community have fallen through the care system and need their local community to rally round – like communities used to. As a platform, BABB is able to provide global support to even the most local and humble of community projects.”

Bowater said that the primary motivation for choosing a blockchain-based platform like BABB was that this technology could efficiently process the funds collected.

The BABB team clarifies that donations can be made directly from credit or debit cards without incurring fees. Additionally, users can donate to other charitable causes as well.

Taylor further commented to Cointelegraph on the key role that blockchain is playing on fundraising initiatives supported by BABB:

“By bypassing legacy banking networks and utilising a hybrid of blockchain and databases, we’re able to cut overheads, FX exposure, processing fees and other operational costs significantly – getting more funds to where they’re needed most.”

As of press time, the initiative has raised more than GBP 2,700, representing a percentage of 41.1% funded, who expect to collect close to 72,500,000 BAX, valued at GBP 5,538.