RLabs, a Cape Town-based social impact incubator has launched a bitcoin crowdfunding platform, mToto, to allow users to fund projects using bitcoin, according to African news site Disrupt Africa.
mToto, which translates to “child” in Swahili, is a bitcoin initiative between Uusi and RLabs which aims to help underserved education and health centers in under-resourced communities in South Africa and to develop tools for innovative challenges and products.
mToto will also convert bitcoin into cash for the companies and projects, and hopes to raise enough bitcoin to fund four companies/projects per month.
“We convert the Bitcoin to cash and resources and share the results each month with the broader community,” the mToto team explained.
The leader of the project and RLabs founder Marlon Parker told Disrupt Africa that the organization will help companies in early developmental stages.
“Our target is current bitcoin users who have an interest in using it for social good, Parker said. “In this instance we are focusing on those with an interest in the development of children.”
RLabs was founded in 2007 to create an innovative and friendly environment for startups and projects. Its early initiative, called Youth Cafes, has had more than 20,000 visits, hosting a BBC development studio in May.
RLabs is pursuing a bitcoin project because it believes that digital currencies could be the catalysts that will drive social change in Africa. The founder explained that people could greatly benefit from bitcoin’s low transaction fees and immediate accessibilities.
Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.