People can now back projects and business ideas using bitcoin, as RLabs launched its mToto bitcoin crowdfunding platform recently. This is an initiative between Uusi and RLabs which aims to help underserved education and health centers in under-resourced communities in South Africa and to develop tools for innovative challenges and products.
Companies or groups that are able to raise enough capital through the mToto bitcoin crowdfunding platform will receive the amount converted to cash. “We convert the Bitcoin to cash and resources and share the results each month with the broader community,” the mToto team shared.
Bitcoin Crowdfunding Initiative
According to RLabs founder Marlon Parker, this initiative is aimed at helping companies in early developmental stages. RLabs was founded in 2007 to create an innovative and friendly environment for startups and projects in Cape Town. One of its earliest initiatives called Youth Cafes has had more than 20,000 visits and hosted a BBC development studio this year.
“Our target is current bitcoin users who have an interest in using it for social good,” Parker explained. “In this instance we are focusing on those with an interest in the development of children.”
“Many ECD centres and projects don’t have funds to ensure a greater learning experience for the children as many of the parents of those kids are unemployed therefore unable to provide the required support. RLabs mToto want to address that challenge by leveraging the power of bitcoin, giving marginalised children and centres the opportunity to have an improved learning journey,” he added.
Parker also acknowledged the inherent benefits of using bitcoin crowdfunding, as this allows for lower transfer costs which then leaves more funds available for projects to use. He added that using bitcoin is fast and it is immediately accessible without having the need to manage multiple currencies under different accounts.