ChainCatcher news, according to Fortune magazine, Stable Coinencryption startup Coala Pay completed a $3.5 million seed round of financing, led by Castle Island Ventures, with participation from Lattice Fund, Factor Capital, and encryption charity platform The Giving Block. The company will use the funds from this round to expand the team, hiring employees with experience working for the United Nations and the U.S. government.
According to the introduction, the company is committed to connecting humanitarian aid organizations with potential donors. Coala Pay helps review donors and local aid organizations, requiring both parties to provide detailed documents to prove their legitimacy. Once both parties are whitelisted, they can access each other’s documents as needed. Coala Pay does not sign physical contracts but creates smart contracts for Stable Coin transactions and generates a token to store information and track the use of funds.
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