The Cape Town based South African incubator, RLabs has recently launched a new crowdfunding product called mToto. As a bitcoin based crowdfunding platform, mToto leverages upon the simplicity and flexibility associated with bitcoin transfers at minimal transaction fees in comparison to traditional payment systems.
The platform has been developed with the intention of helping the underprivileged South African communities gain access to education and healthcare. Meaning, child in Swahili, mToto is developed as a joint initiative between Use and RLabs. Apart from facilitating the provision of education and healthcare through fundraising, it also aims to help develop tools for innovative products and challenges.
The company plans to run at least four successful campaigns per month. While the campaigns on mToto receive bitcoin contributions, the campaign creators will receive the funds raised as fiat currency. mToto will also ensure transparency by sharing the results of campaigns on a regular monthly basis.
According to Marlon Parker, the founder of RLabs and project leader for mToto, the platform will also support early stage start-ups raise funds. mToto intends to influence the members of bitcoin community who have an inclination towards doing social good to contribute for the development and welfare of children.
With bitcoins, people from anywhere in the world can contribute to the campaign without having to factor in foreign exchange charges and other transaction fees. The adoption of bitcoin is also increasing exponentially in the African continent as people are increasingly using bitcoin for remittances.
Founded in 2007, RLabs has been instrumental in fostering the start-up ecosystem in South Africa. The Youth Cafes started by RLabs has been a great hit and it has recorded over 20,000 visits so far. mToto will be competing against the likes of Coinfunder, Lighthouse and other bitcoin crowdfunding platforms currently out there in the market. However, none of these platforms specialize in social impact fundraising.