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Venezuela Gets $1M Bitcoin Aid Project As Trading Records Continue

Esther Kim | Feb 27, 2019 | 11:00

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A new project by cryptocurrency wallet platform AirTM and artist cryptograffiti is aiming to raise $1 million in aid for Venezuelans via an interactive Bitcoin installation.

Airdrop Venezuela To Give Away $1 Million

Airdrop Venezuela, which is underway in the Columbian town of Cúcuta, is leveraging the Bitcoin blockchain to allow direct financial aid to Venezuelans from abroad.

The partnership has created a wall mural of incumbent president Nicolas Maduro, composed of banknotes of Venezuela’s inflation-stricken currency the Sovereign Bolivar (VES).

Participants send a donation to a Bitcoin address, whereupon one of the VES notes is removed from the mural.

“Funds raised go towards rebuilding a local daycare center and the 100,000 Venezuelan participants of (Airdrop Venezuela),” the project’s dedicated website explains.

…Help the Venezuelan people literally and figuratively take down Maduro.

Using a livestream, observers are able to watch the note removals in real time.

“50% of the proceeds will help build proper facilities at the event venue,” AirTM explains. “…Airtm will distribute the other 50% of proceeds at the conclusion of the (Airdrop Venezuela) campaign in April.”

A third organization, Crypto Conserje, will also use some of the funds as part of its on-site cryptocurrency awareness and education activities.

New Localbitcoins Trading Highs

As Bitcoinist reported, Venezuela’s interest in Bitcoin at consumer level has skyrocketed as the country’s financial and now political meltdown continues to gather pace.

Trading figures on p2p platforms, notably Localbitcoins, regularly set record highs with each week, as residents attempt to pay for scarce goods or preserve the value of whatever currency they are able to access.

For the most recent week figures are available, a new all-time high in VES terms appeared once again, with 24.4 billion VES changing hands on Localbitcoins.

Juan Guaidó, the presidential challenger who has gained recognition from the US, EU and others, has notably come out against the Maduro-issued national cryptocurrency Petro while promoting Bitcoin’s virtues.

What do you think about Airdrop Venezuela? Let us know in the comments below!

Images courtesy of Shutterstock, coin.dance