Singapore-based IBF DigiLabs has overhauled its Shariah compliant charity app in a bid to optimize charitable action using blockchain technology.
Launched in 2021, the Benevolence app was a project built using Algorand protocol to develop an integrated framework for two types of Sadaqah – financial and human resources. The platform facilitates both monetary donations as well as measures volunteering time – in terms of quantity and quality – converting them to tokens that may be monetized by the volunteer.
With the upgrade, the app now includes multiple gateways and wallets including Stripe, Coinbase, Pera Wallet and its own IBFX wallet, allowing users to contribute Sadaqah, Zakat and Waqf funds through expanded crypto options such as Bitcoin, Ethereum. Matic, USDT, USDC, DAI, Bitcoin Cash and Litecoin. It plans to include ALGO and IBFN “soon”. The app continues to support traditional payment methods including Apple Pay, Google Pay and Visa/Mastercard.
“With a shared vision in blockchain as a force for good, we are excited to work with IBF DigiLabs to make a difference in crypto donations, fueled by the efficiency, speed, and transparency that the Algorand blockchain provides,” said Summer Miao, the APAC lead for ecosystem success at Algorand Foundation.
“Indeed, the Benevolence app marks the beginning of our long-standing relationship with Algorand in developing several other platforms – Credence and Affluence for creation and exchange of digital assets and NFTs – culminating with Netverse, world’s first Shariah compliant metaverse focusing on e-learning and e-commerce in a 3D world,” said Mohammed Alim, CEO and the co-founder of IBF DigiLabs.