Stellar Lumens launches Stellar Aid Assist: financial help for Ukraine

Stellar Lumens, a decentralized peer-2-peer network designed to connect the global financial ecosystem, has launched the “Stellar Aid Assist” platform as it seeks to pave the way for delivering financial aid. 

With the Stellar Aid Assist platform, humanitarian organizations can rely on the powers of the Stellar blockchain protocol infrastructure to deliver immediate and transparent aid to those who need it most.

The launch of the Stellar Aid Assist platform came with the collaboration of Stellar Development Foundation, Circle, MoneyGram International and the Vibrant wallet app to provide financial aid to Ukraine.

Stellar Aid Assist: the ideal blockchain solution 

The news of Stellar Aid Assist’s launch by Stellar Lumens is reported by Stellar’s official Twitter account, which reads: 

Now Live: Stellar Aid Assist, a first-of-its-kind blockchain solution enabling relief organizations to deliver instant and transparent digital aid, globally. Learn how #Stellar is pioneering the future of aid delivery. https://t.co/cbfA6Qu9G7 pic.twitter.com/DVYW14AMyS

— Stellar (@StellarOrg) December 30, 2022

The situation is the following: the world today has seen and is seeing the emergence of many aid providers, but in all of them there always remains a significant problem across the board, a major bottleneck in their delivery. 

That is, the delay of providers to those who need the aid. In addition, cuts in the amount of aid due to corruption are a factor that many funding organizations face on a regular basis.

In contrast, with aid money coming out as a means of survival for millions of people around the world, the Stellar Aid Assist outlet is designed to ensure that designated recipients get these funds at the lowest possible cost. 

In fact, as a blockchain protocol designed to scale digital payments, Stellar Aid Assist can be scaled to reach millions of people around the world. 

How Stellar Aid Assist will work

As explained on Stellar Lumers’ profiles, humanitarian organizations interested in using the new protocol can be easily integrated and their path to reach lives in need of aid can be channeled in five unique steps. 

In addition, humanitarian organizations can choose to use existing digital stablecoins and can also create their own tokens to use to pay for funds. Regardless of the methods or options adopted, the token can be distributed on the Stellar network and the assigned recipients will receive the funds in their Stellar-supported digital wallets. 

The Stellar Aid Assist platform makes it very easy for recipients of funds to collect payment in a variety of ways, and most importantly, recipients can convert the digital tokens received into their local currencies.

With the Stellar Aid Assist platform, funding or aid organizations can do more than just supplement recipients, as they can also monitor the progress or movement of funds. In addition, appointed administrators can start or stop the aid program and related payments without much complication. 

The primary purpose of the new platform: to help Ukraine 

As anticipated, one of the primary purposes at the moment of Stellar Lumes’ new platform is to provide financial aid to Ukraine. As a war-torn region, millions of Ukrainians are in need of financial aid, and this joint effort uses the Stellar Aid Assist gateway to deliver USDC stablecoin directly to the phones of eligible recipients.

This is another good example of how entities in the digital currency ecosystem have shown solidarity for Ukraine in nearly a year of its regional conflict with Russia. 

As reported by several sources, Stellar has partnered with the UNHCR to provide aid to Ukrainians, while the Finnish government has reportedly promoted plans to donate tons of confiscated Bitcoin (BTC) to Ukraine. 

Specifically, it was Stellar Development Foundation (SDF), a non-profit organization supporting the development of the Stellar blockchain, that enabled the distribution of digital money to internally displaced persons (IDPs) and others affected by the war in Ukraine.

Denelle Dixon, Stellar Development Foundation’s Chief Executive Officer and Executive Director, had commented on the matter: 

“SDF, together with UNHCR, is realizing the promise of the blockchain and paving the way for a new future for the delivery of billions of dollars in aid disbursed each year.

By using Stellar, we are helping to get funds into the hands of those who need them, and we do it quickly, transparently and without the need for bank accounts or credit or debit cards. We are proud to work with UNHCR to implement blockchain innovations that will play a role in assisting those in crisis.”

In addition, the Stellar Lumens ecosystem intends to market itself as a utility-based blockchain focused on helping the unbanked. In fact, the pilot program between UNHCR and Stellar Lumens will significantly reduce friction and help people in need receive aid on time.

All of this proves that the emergence of blockchain payments and now Stellar Aid Assist prove that the world can be made a better place with the help of emerging technology.