SOAA will start accepting cryptocurrency to add unmatched operational flexibility.
Summary:
- Seconds and minutes in a crisis = Lives saved
- Wire transfers are too slow for rapid response
- Cryptocurrency creates unmatched flexibility for rapidly evolving crises
The situation room of the Afghan evacuation effort was unlike anything our team has ever seen. There were endless obstacles: beyond the complication of leasing a plane for the first time for $500,000, we had to arrange flight clearance to a host nation with rapidly evolving protocols and dangers. And that was just the beginning. Every second counted as Afghans were being hunted and running for their lives. One of the most frustrating obstacles we encountered was the inability to predict the timing of essential wire transfers.
We watched in horror as wire transfers were delayed and banks closed, prevented us, and organizations like ours, from saving lives at the airport in Kabul. All of the pieces were in place, the team was ready to go, the host nation arranged, and the plane was leased. Tragically, our wire transfer was delayed by one day and we lost our charter flight that would have saved lives. That was 165 seats that did not get filled, all because of an antiquated money transfer system.
This is why SOAA will soon start accepting cryptocurrency. Coins like Ethereum and Cardano exist to change the global money system, and with the ability to utilize “smart contracts” we can solve the issues we experienced firsthand in Kabul. This is vital to the success of evacuation efforts because the money will move as fast as you can take your wallet out of your pocket.
We understand that this is a new language for many people and cryptocurrency can feel confusing and intimidating. A full explanation deserves its own blog, but the technology is here and will change the future of our organization and beyond. With cryptocurrency, SOAA will gain the ability to act fast in our response to rapidly deteriorating, high stakes situations, and we will be able to save the lives of those that desperately need our help.
