A missing link in social giving: A SocialFi platform based on the gold standard

While social giving is seen as a key element in supporting the international development agenda, managing donations requires end-to-end clarity on the movement of funds. In its current state, donation management lacks reliable traceability features, making it difficult for donors to understand how their contributions are being used. The lack of transparency, coupled with the inefficient bureaucratic processes of cross-border fund transfers, creates a barrier that discourages potential donors from reaching out to regions in need.

Blockchain offers a dependable solution to the struggles encored by the social giving landscape. Because every transaction made on a blockchain is publicly traceable, donors can easily track where their donations end up. However, even with a reliable blockchain that provides transparency along the social giving process, there’s still a missing link in ensuring the recipient gets easy access to the funds. Since crypto is not widely accepted as a payment method, recipients need a fiat off-ramp to convert donations into local currency.

Local crypto exchange to off-ramp donations

To address this issue, the Fruits Eco-Blockchain Project announced the launch of a series of local crypto exchanges, starting with Tanzania. Slated to launch in June, the Fruits Gold Exchange Global (FGXG) crypto exchange is being built with the aim to contribute to financial inclusion by enabling swaps from FRTS, the native token of the Fruits Eco-Blockchain Project, and other funds into assets, such as cash. This will ensure people in need can benefit from crypto donations received through the Fruits ecosystem in their daily lives by converting them into fiat currency. The Fruits team also aims to have people use the FGXG exchange as a fiat on-ramp, swapping local currency for crypto assets.

Source: Fruits

The FGXG crypto exchange will not offer any derivative services to avoid any potential regulatory blockade and to remain true to its primary function. Envisioned as a social finance platform based on the gold standard, the exchange will also enable the exchange of crypto assets into physical gold-backed assets, including gold-backed stablecoins, gold ingot NFTs, and more.

In order to realize an FRTS-driven financial inclusion across Africa, the Fruits team first found a level of stabilization for the value of the FRTS token. Since the Fruits Eco-Blockchain doesn’t have gas fees or transaction delays, FRTS can be used for cross-border remittances.

Double the charity with Smile Coins

When using FRTS for payments or in any other transactions, users will automatically receive Smile Coins as a sign of gratitude. In other words, Smile coins are like points earned through Fruits payments and donation activities. Smile Coins act as a donation coin on the Fruits platform to help one of the sustainable development goals (SDGs) listed on Fruits’ charity portal. Users can pick from a variety of options, such as their favorite SDG, and donate Smile Coins, generating yet another token — Thanks Fruits Seed Tokens (TFSTs), which is made possible because of Fruits’ unique multi-layered smart contracts combined with its no-transaction fee feature. These tokens vary in utility, like lottery tokens with FRTS awards, prompting users to generate and donate more Smile Coins.

Shortly after the launch of FGXG, the Fruits team will introduce the Gold Standard Stable Coin and Gold Ingot NFT to provide a store of value tokens. Both are designed to be pegged 1:1 to gold, and holders will track the live status of gold via a 24-hour live feed on the Fruits blockchain.

The Fruits team believes that a social finance platform donning the gold standard would contribute to the financial inclusion of the crypto industry as well as the financial industry. Starting with Tanzania, FGXG would also contribute to employment and economic revitalization of the African population. Following the feedback from the first FGXG site in Tanzania, the Fruits team plans to establish similar exchanges in other regions while maintaining compliance with the local laws of each country.