ConsenSys Social Impact has joined hands with MakerDAO and Dether to launch Bifröst, a crypto-to-fiat payment system built to expedite the delivery of cash donations to aid groups in conflict areas.
Bifröst was announced during a presentation today, May 29, at the Oslo Freedom Forum in Norway. Executives are planning to pilot the system this summer within certain regions of Southeast Asia and the Middle East.
“Collaborative solutions like these … are paramount to materializing solutions in the social sector,” said Robby Greenfield, ConsenSys Social Impact’s global technical lead. “The Bifröst initiative looks to overcome both the inefficiencies in international aid and the user experience obstacles preventing mainstream adoption of today’s decentralized applications.”
ConsenSys is a blockchain venture production studio that builds decentralized applications on Ethereum; its Social Impact arm is tasked with addressing some of the world’s most pressing humanitarian issues using blockchain-based solutions.
Bifröst, ConsenSys Social Impact’s first venture, works by using smart contracts on the Ethereum blockchain to enable peer-to-peer value transfers, thus creating a more direct process for individuals to donate to particular causes. Banks are also taken out of the equation, thereby reducing fees and allowing more donation funds to be given to aid groups. Once a donation is made, MakerDAO and Dether deliver the funds to the scheduled recipients.