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Stellar (XLM) Project ‘Refugee’ Receives International Association for Trusted Blockchain Applications Award

source-logo  crypto-news-flash.com 02 February 2024 13:48, UTC
  • Stellar has gained recognition for its technology application in humanitarian efforts.
  • The XLM token remains a big beneficiary of innovations ongoing in the Stellar ecosystem.

In an exciting development, the Stellar (XLM) blockchain project, ‘Refugee,’ has been recognized by the International Association for Trusted Blockchain Applications Award for its exceptional contributions to humanitarian efforts. Stellar has long been at the forefront of initiatives aimed at financial inclusion, with its innovative products and solutions making a remarkable impact on global humanitarian aid.

Stellar Aid Assist and the Humanitarian Mission in Ukraine

The United Nations High Commissioner for Refugees (UNHCR) and Stellar Development Foundation (SDF) jointly launched a pioneering blockchain payment solution in 2022, designed specifically for digital cash distribution to Internally Displaced Persons (IDPs) and war-affected individuals in Ukraine.

This revolutionary solution, developed in collaboration with the United Nations International Computing Centre (UNICC), marked a milestone in leveraging blockchain technology for humanitarian aid.

A standout among Stellar’s initiatives is the Stellar Aid Assist, a platform that facilitates the transparent, timely, and affordable distribution of financial aid worldwide. This technology received widespread recognition after being successfully installed in Ukraine, providing essential help to those afflicted by the war in the country.

Congratulations to UNHCR @Refugees for receiving the INATBA Humanitarian Excellence Award!!! #INATBAawards #WeAreINATBA pic.twitter.com/ctdAEq6N62

— INATBA (@INATBA_org) January 31, 2024

The pilot phase of the project focuses on major cities in Ukraine, including Kyiv, Lviv, and Vinnytsia, with plans for expansion to other locations. The system confirms eligibility and distributes assistance in the form of Circle Internet Financial’s USD Coin (USDC), a stablecoin pegged to the US Dollar. Recipients receive funds directly into a secure digital wallet on their smartphones, providing a safe means to store and transport funds.

The flexibility of the USDC stablecoin allows recipients to choose when and how to convert their digital funds, be it in dollars, euros, or local currency. With access to over 4,500 MoneyGram locations in Ukraine, recipients can withdraw their funds conveniently, offering a versatile solution for those on the move. As highlighted in an earlier report by Crypto-News Flash, more than $1.1 million has been spent to help over 1,500 people affected by the war.

This blockchain-based approach aligns with UNHCR’s commitment to expanding the use of Cash-Based Interventions, allowing displaced individuals the freedom and dignity to prioritize assistance based on personal needs. Since 2016, UNHCR has delivered nearly $5 billion in cash assistance to 35 million people across 100 countries.

Notably, the collaboration between UNHCR and SDF has received praise from various quarters, including Karolina Lindholm Billing, UNHCR Representative to Ukraine. She emphasized Ukraine’s role in driving technical solutions for social protection and applauded the collaboration’s potential to benefit thousands more people affected by the war.

Stella’s Ongoing Innovation

Beyond its humanitarian efforts, the Stellar blockchain continues to evolve and innovate. The upcoming Protocol 20 upgrade, part of the “Soroban” project will introduce smart contracts to the Stellar blockchain. This enhancement positions Stellar to compete with leading smart contract platforms like Ethereum.

The notable growth of the Stellar network has undeniably increased its native token – XLM’s liquidity and traded volume. Currently, XLM is trading at $0.1098, up by 0.76% in the past day. Additionally, the market capitalization has increased by 0.76% to $3.1 billion. With more adoption on the horizon through Protocol 20, XLM might see an additional surge soon.