Charitable cryptocurrency to be launched in 2017
UK-based fintech company Cross-Stratum Mutual Community (CSMC) Asia is launching new cryptocurrency Cross-Stratum Coin next year, with all trading fees going to charity. CSMC is partnering with a Malaysian foundation to provide its key platform, but has not yet said which charities will benefit. A spokesperson for CSMC said: "We expect the CSC to take the market by storm when it is launched."

Charitable cryptocurrency Cross-Stratum Coin to be launched next year

A NEW cryptocurrency slated for release next year is set to bridge the world of digital currencies and international charity payments.

The Cross-Stratum Coin (CSC), created by UK-based fintech company Cross-Stratum Mutual Community (CSMC) Asia, will utilise trading fees as a method for donation to global charities when it launches in the first quarter of 2017.

For every trade that is made using CSC, the trading fee will be donated to a suite of global charities. This will be carried out by means of a global-assistance movement.

CSMC has appointed a foundation in Malaysia as its key platform and partner to deliver the new service.

Read more: The UK now has its first official blockchain provider for public services

The group has said it aims to redirect the trend of current altcoins, alternatives to the leading cryptocurrency bitcoin, and “chip away the glamour of the investors as they pursue financial gains”.

It did not say which charities the service would be connected to.

“It has been a long and anticipated plan for us at CSMC Asia to want to partake in the cryptocurrency market,” a CSMC spokesperson said.

Read more: Bitcoin will "fail to become a widely accepted method of payment"

“It came across to use that in order for one coin to eventually successfully sustain and create value, a huge user-base is of paramount importance and what can be better than creating its value and user base via a charitable movement like Pay-It-Forward?

“We expect the CSC to take the market by storm when it is launched.”

There are hundreds of different altcoins globally acting in competition with bitcoin, all of which operate independently of central banking systems using blockchain technology.