MANAMA: Mahmood Rafique, Editor: Zamzam Company, the only Islamic cryptocurrency in the world that is Sharia compliant and has a Shariah Supervisory Board, signed a long-term partnership memorandum of understanding (MoU) with Sparo, a subsidiary of Microsoft for startups committed to revolutionizing corporate social responsibility, retailers and online merchants, mark their entry into the global cryptocurrency market.
The partnership aims to leverage Sparo’s proprietary technology with partners to help democratize online social giving while building a diverse pool of partners and tap into a global philanthropy market worth nearly $2 trillion.
According to a report prepared by Citibank Group, the combination of donations by individuals, foundations and corporations is adding an estimated $550 billion to the global economy, and with such a surge in interest and use in charitable giving, Sparo and Zamzam will embark on a strategic partnership to explore opportunities to capitalize on both from Sparo’s proprietary technology and Zamzam’s blockchain network to creating a more credible experience for people to donate cryptocurrency to nonprofits around the world.
“Cryptocurrencies can fight the phenomenon of poverty, more than 2.5 billion people globally lack financial services, which limits their ability to access health care and food and pay for education, which increases their poverty and marginalization and prevents them from cultivating its potential. All cryptocurrency is often described as a get-rich-quick fad, but it is believed that cryptocurrencies have the power to change the lives of the world’s poorest,” Bill Gates, Microsoft founder, said.
Emphasizing that expanding access to digital finance should be a global humanitarian priority, he added, “If we are building a financial system from nothing today, we will do it on a digital platform.”
“We are delighted to see Sparo working with Zamzam to help non-profit organizations around the world become a force for good,” Shesh Shridhar, Director of Global Retail Sales at Microsoft for startups, said.
“We are delighted to partner with Sparo to democratize the world of philanthropy by giving every citizen on earth the joy of presenting their favorite cause. As a cancer survivor, I know our lives on this earth are precious and the best way to leave a legacy is by helping lay the foundation for a project that makes an impact every hour of every day, so that diverse nonprofit organizations receive the support they need every day,” Hamid Fakhroo, Founder, CEO Zamzam, said.
“Sparo’s services are powered by a plugin that seamlessly integrates into all e-commerce platforms, giving online shoppers the option to allocate a percentage of their sale to a charity of their choice, as Zamzam is an open source platform on the blockchain network that allows anyone to send cryptocurrency directly to charitable projects, Together, the two international companies will study how to take advantage of emerging technologies via blockchain and AI , to develop a low-carbon solution for Web 3.0 that will allow shoppers to send charitable donations, whether through cryptocurrency or otherwise of their choice while shopping online.”
It is available on the following exchanges: Whitebit, LBank, ProBIT Global, AAX, and Digifinex.
“We are honored and delighted to partner with Zamzam Pro to provide sustainable social impact in a rewarding, transparent and accountable way to people everywhere, at Sbarro we are working towards a bold vision to ensure businesses and retailers have the readily available tools to make a difference and support shoppers’ causes through diverse payment methods, taking into account the different types the donors,” Rob Sobhani Bodour, Sparo CEO, said.
“Hamed and I are co-founders We Faced Death. We know life is not a rehearsal, so our mission is to unite the world around philanthropy. The combination of Sparo’s proprietary technologies and the Sharia-compliant Zamzam Pro token can bring total transparency and accountability to the world of charitable giving. Our collaboration will begin with the launch of an MVP and eventually lead to a Web 3.0 satellite-based Blockchain network driven by Explainable-AI.”
