RLabs in partnership with technology start-up Uusi have launched a new initiative, RLabs mToto, where Bitcoin is used to crowdfund specific Early Childhood Development (ECD) project at centres in townships and low-income communities in South Africa. Bitcoin is a form of digital currency that is created and held electronically. It is decentralized, completely transparent and can be transferred anywhere in the world in an instant. The transfer fees are also very minimal enabling maximum value to its recipients. It is with this in mind that RLabs mToto are using Bitcoin as its primary crowdfunding currency providing ECD Centres and projects the opportunity to access support all across the world.
RLabs mToto will list 4 verified ECD projects each month as well as the Bitcoin amounts needed to fulfill those projects. These projects will only be available for 30 days and after 30 days then RLabsmToto will exchange the Bitcoin for cash and resources providing support for the children in need. RLabs mToto will ensure that all projects use the resources appropriately as well as sharing the outcomes and results on the project profile page.