Scotcoin will donate £5 off each £20 it earns from its token sale to homeless individuals, disclosed a local source.

The cryptocurrency project, that aims to tackle poverty and fund charity ventures, declared that it might join hands with Social Bite, a Scotland-based nonprofit venture looking to finish homelessness. Together, the organizations would generate funds to create houses available to the homeless population in Scotland. they'd pay for the tenancies and would also assist these individuals obtaining back into the society.

The announcement comes prior to winters, a time of the year that sees the temperature falling to as low as minus 17-degree Fahrenheit. The Social Bite fundraiser sets its initial goals to assist the homeless survive through the wintery chills while eyeing permanent homes through the Housing first model.

“This is an inspiring initiative,” said Temple Melville, Scotcoin’s leading stakeholder. “One of our expressed objectives is to assist eradicate homelessness, and Social Bite is already well established within this area.”

Homelessness in Scotland

An official report reveals that Scottish councils received 34,972 applications from homeless individuals in 2017-18 under statutory homelessness legislation. Out of the whole number of applicants, 55 % were males. At the same time, 58 % of the candidates were found to be below 35, indicating the lack of employment opportunities in the region.

Nevertheless, the report mentioned that the number of applications for households was on a decline since the past few years. It partially credited the “Housing Options” approach for causing a favorable drop between 2009/10 and 2013/14.

As of now, the Scotland government seems to be doing its best to accommodate the homeless individuals into permanent housings. However catering to all has become a formidable task, overall. Therefore, the government largely depends on temporary accommodations, which includes allotting temporary furnished homes, hostels, and bed-and-breakfast accommodation.

The Social Bite initiative, currently supported by the Scotcoin project, will offer extra support to the government’s laid-out schemes.

Scotcoin’s Role in Project

The makers of Scotcoin needed the coin to be a pro-independence cryptocurrency of Scotland. On papers, its adoption might allow the country to break away from the UK’s Pound – and the region itself.

Scotcoin nearly came to its extinction after the Scottish individuals voted down the independence referendum proposed by their Scottish National Party. The coin since is trying to jump back regarding value and investor sentiments, with its majority stakeholder Temple Melville doing rounds at FinTech events seeking support.

“We have several thousand holders of Scotcoin and have holders in more than 50 countries worldwide,” he said in his latest speech. “On migration to our new [Counterparty] blockchain, present holders of Scotcoin will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in the value of up to 5 times.”

Temple reportedly raised $2 billion in funding from an investor named Jeff Bezos. If its true, the Social Bite Initiative received a minimum of $50 million in charity money.