OneLedger’s Kainos launch allows us to forge forward into an era of Service and Application Development. The first of these services is a Payment Solution, allowing our partners to leverage our interoperable Blockchain solution through a widget on their website.
The OL Pay widget provides businesses with an opportunity to leverage all the currencies supported by the OneLedger Protocol. The solution will also provide complete settlement to fiat for businesses looking to provide additional payment options but do not wish to hold digital currencies.
Figure 1: OL Pay workflow
OL Pay will first launch with Non-Profit organizations to help scale their donations to digital currencies, and allow them the ease of transfers into fiat currencies. Digital asset donations will be treated exactly as donations of financial assets (such as stocks and bonds). For financial assets, the value is determined once the asset is converted to fiat, that is where our solution will be most effective as OneLedger is working with a settlement partner, VirgoCX, to ensure fiat conversion happens in real-time. That way, the digital asset donation will retain the fiat value at the time of donation.
VirgoCX is a Canadian operated fiat to crypto digital asset exchange and will provide the liquidity required for the currencies supported by OneLedger and VirgoCX and convert them into fiat. OneLedger will support CAD and USD initially.
“Global payments and remittances powered by digital assets are an inevitable trend. We have seen significant growth in the digital assets payment space and it will be integrated with more industries with wider adoptions of digital assets. Partnering with OneLedger allows VirgoCX payment business to service more merchants and digital asset holders globally”. Said Adam Cai, CEO at VirgoCX.
“Our goal for OL Pay is to get a strong footing with Non-Profits and then enter the eCommerce space, ensuring that the solution is streamlined and leverages OneLedger’s interoperability offering. VirgoCX and our strategic Non-Profit partners provide the foundation we need to make OL Pay a success.“ Said Aly Kassam, Director of Product at OneLedger.
“We recognize that there are so many crypto users who are eager to express their charitable goals and OneLedger has provided a seamless platform for them to do so. By supporting Project Give Back, they are enabling thousands of children to learn about kindness and philanthropy and seeding a generation of empathic leaders of tomorrow”, said Melanie Levcovich, the Chief of Operations at Project Give Back.
“As early adopters in the space, Pathways is proud to have been the first Canadian charity to issue tax receipts for Bitcoin donations. With the support of OneLedger, we’re excited to explore new ways to connect with crypto users and provide the opportunity to make meaningful change in the lives of youth living in low-income communities across the country,“ said Jason Shim, Director of Digital Strategy & Transformation, Pathways to Education Canada.
In addition, each of the Non-Profit Partners and our Settlement Partner will be provided with Domain Name in our OneLedger Domain Naming Service. The Domain Name will serve as a URL to send funds on the OneLedger Network and in the future, will be directed to their Business Page in the OneWallet. Stay tuned for enhancements to the OneWallet, OneLedger Naming Service (ONS) and Business Verification Services.
OneLedger is actively recruiting other NGOs to partner with. If you are an NGO looking to work with digital assets, please connect with us here.
Enterprise blockchains operating in silos require a bridge to connect the data flow from one blockchain to another. OneLedger bridges that gap, transferring data seamlessly. Our universal protocol allows for integration with any blockchain, giving Smart Contracts deployed on OneLedger the ability to directly access any chain connected to the network. OneLedger bridges private and public blockchains with centralized databases, making it truly unique to the needs of enterprises.
VirgoCX, a Toronto-based regulated fiat-to-crypto exchange that aims to provide the best-in-class digital asset and stable coins trading experience in Canada. Retail and institutional investors can benefit from one of the lowest trading costs in the industry, high order book liquidity and institutional-grade custodianship, along with 24/7 customer service. As a registered entity (Money Service Business), VirgoCX’s institutional-grade custodianship minimizes the counter-party and settlement risks concerning digital asset investors.
About Project Give Back
Project Give Back is a premier provider of compassion and leadership education for elementary students. Project Give Back began in 2007 through the inspiration of its founder and community advocate, Ellen Schwartz.
For over a decade, this unique grassroots project has grown and expanded and is a highly regarded educational program in schools. Her vision and mission of giving has empowered thousands of children, along with their families and local communities.
Project Give Back inspires young minds to develop meaningful relationships with their community and become global-minded citizens. The program ignites a spark and students of today become the leaders of tomorrow who make a positive impact on the lives of others. The Project Give Back symbol, a boomerang, represents the inner joy we feel when we throw kindness out into the world.
Pathways to Education is a national, charitable organization breaking the cycle of poverty through education. Its award-winning program is creating positive social change by supporting youth living in low-income communities to overcome barriers to education, graduate from high school, and build the foundation for a successful future. Through the collective power of partnerships, Pathways to Education’s innovative program is equipping youth with the skills they need to succeed in the modern workplace.