CertiK is embarking on an innovative journey with Coala Pay, a groundbreaking platform spearheaded by seasoned humanitarians, to redefine the existing approach to last mile grants management. Coala Pay facilitates seamless and borderless aid funding, while insulating donor funds from foreign currency risks, excessive banking fees, and delays.
International humanitarian aid plays a crucial role in addressing the needs of vulnerable communities in the wake of conflicts, natural disasters, and other pressing challenges. However, the process of getting funds from donors to the projects on the ground often faces significant challenges, including corruption, misappropriation, and unnecessary delays. This is where Coala Pay, a startup led by founder Melyn McKay, steps in to revolutionize the aid funding process. With their innovative use of blockchain technology and cryptocurrency, Coala Pay aims to streamline and expedite the delivery of aid while ensuring the highest standards of transparency and risk mitigation. In this blog post, we will delve into the work of Coala Pay and how CertiK is supporting their efforts.
Coala Pay was born out of the firsthand experiences and insights of its founder, Melyn McKay. Drawing from her diverse background in humanitarian aid, McKay noticed a pressing issue: friction between donors' and recipients' priorities in the aid funding process. Donors seek assurance that their contributions are utilized effectively, free from corruption or misappropriation, while aid workers grapple with the challenges of maintaining operations amidst precarious conditions. Local humanitarians, in particular, face resource and time constraints in meeting the demanding compliance and audit requirements imposed by some donors. As a result, aid dollars often face delays in reaching the intended beneficiaries.
To address these complexities, Coala Pay leverages the power of blockchain technology and cryptocurrency. Local organizations seeking aid undergo Coala Pay's rigorous due diligence and vetting process. Once approved, these organizations can utilize Coala Pay's aid funding marketplace to submit grant proposals that are then turned into smart contracts. The streamlined proposal format includes project details, required funding, and the estimated impact. This brings transparency to the process and provides assurances to donors that their funding is being utilized appropriately, while also removing barriers for local aid workers.
Recognizing the imperative need for rigorous due diligence in aid funding, Coala Pay has joined forces with CertiK. CertiK's due diligence expertise empowers Coala Pay to establish comprehensive risk management protocols and robust compliance frameworks. By working closely with CertiK, Coala Pay enhances its ability to vet and verify local aid partners, ensuring that funds are allocated with the utmost transparency and accountability. Through this collaboration, CertiK reinforces its commitment to advancing the integrity and security of blockchain-based solutions within the humanitarian sector.
Coala Pay's groundbreaking approach to aid funding has the potential to revolutionize the humanitarian sector. Through the use of blockchain technology, cryptocurrency, and NFTs, Coala Pay streamlines the delivery of aid, enhances transparency, and reduces the risks associated with traditional funding processes. With the support of CertiK, Coala Pay's due diligence efforts are further strengthened, assuring donors and aid organizations of the platform's integrity. Together, CertiK and Coala Pay foster a collaborative environment that instills confidence and reliability in the aid funding process, ultimately benefiting those in need and facilitating positive social impact.