rewrite this title Coda Bridge and StraitsX Partner for Blockchain-Based Charity Initiative in Singapore – Crypto-News.net

SINGAPORE, November 26, 2024 — Hong Kong-based blockchain platform provider Coda Bridge has announced a collaboration with StraitsX, a Singaporean payments infrastructure provider, to pilot a blockchain-powered charitable initiative. Notably, the program aims to issue digital meal vouchers through blockchain technology to underserved communities in Singapore, enhancing transparency and accountability in charitable giving.

The pilot project, running from November 2024 to February 2025, will provide Purpose Bound Money (PBM)—a digital voucher tied to specific uses such as dining—to migrant workers and disadvantaged groups. Meanwhile, beneficiaries can redeem these vouchers at Dignity Kitchen Singapore, a social enterprise supporting individuals with physical and financial challenges.

How It Works

Coda Bridge will use StraitsX’s Singapore dollar-pegged stablecoin, XSGD, to create and manage PBM digital meal vouchers. Next, beneficiaries will receive these vouchers through their mobile phones and can scan QR codes at Dignity Kitchen to pay for meals. After redemption, Dignity Kitchen will reconcile the vouchers and receive cash from the project sponsor, Ray of Hope, ensuring funds are used as intended.

Notedly, PBM leverages smart contracts, ensuring that donated funds are only spent on approved purposes. Fpr context, the initiative builds on Coda Bridge’s earlier success in Hong Kong, where similar vouchers were distributed to families supported by Ronald McDonald House Charities and Dignity Kitchen Hong Kong.

Expanding Blockchain Use Cases

StraitsX’s involvement aligns with its mission to expand the applications of digital currencies like XSGD. As a Major Payment Institution licensed by the Monetary Authority of Singapore, StraitsX ensures regulatory compliance while exploring innovations such as cross-border payments. “Programmable money offers transformative potential, from improving transparency in charity to streamlining payments across industries,” said a StraitsX representative.

This pilot program in Singapore represents a broader vision to use blockchain technology for social good. Coda Bridge aims to integrate more charities and social enterprises into the PBM ecosystem, potentially reshaping how donations are managed globally.

Background and Next Steps

Coda Bridge, backed by venture capitalists and headquartered in Hong Kong, is a fintech leader specializing in blockchain-powered financial solutions. StraitsX, part of the Southeast Asian financial services platform Fazz, focuses on digital asset payment infrastructure.

If successful, this project could expand PBM’s applications beyond charitable giving to other sectors requiring transparent, purpose-specific fund management.

For more information on the initiative or to get involved, visit Coda Bridge and StraitsX.