Nigerian Blockchain Firm Convexity Emerges as Finalist in Circle’s Pitch Event at BlackRock Headquarters, New York
Convexity’s presence among the finalists underscores its innovation and addressing critical global challenges, with CHATS leading the way towards a more transparent humanitarian aid distribution system.
By Anna B Kiwanuka
Convexity, a Nigerian blockchain solutions company, is set to present its innovative humanitarian aid solution, known as CHATS (Convexity’s Humanitarian Aid Transfer Solution), at the prestigious BlackRock headquarters in New York, USA. This remarkable opportunity comes as a result of Convexity’s selection as a finalist in Circle’s pitch event.
CHATS was conceptualized by Adedeji Owonibii, one of Convexity’s co-founders, and his dedicated team, who were driven by the need to address the pervasive issue of fraudulent activities hindering efficient aid distribution in Africa. Despite receiving a staggering $1.2 trillion in aid since 1960, the African continent has witnessed little discernible impact from these funds.
CHATS has garnered support from reputable organizations, including the United Nations Children’s Fund (UNICEF), which has extended a grant to this groundbreaking initiative. This recognition underscores the importance of CHATS in revolutionizing the aid distribution landscape.
Uyoyo Ogedegbe, Convexity’s Investment and Business Development Partner, revealed that CHATS was a natural fit for Circle’s solutions pitch competition event, as it effectively addresses key challenges related to financial inclusion, transparency, technology, and aid distribution.
The heart of CHATS lies in its use of blockchain technology to ensure transparency in aid distribution. Donors can now trace the disbursement of their contributions, right down to individual aid beneficiaries. This level of transparency empowers donors with a deeper understanding of the impact their contributions make.
For individuals without access to traditional financial services, CHATS offers innovative solutions, including the SMS token option, enabling beneficiaries to redeem their funds securely.
Convexity stands alongside five other companies as finalists in Circle’s solution pitch competition event. Among the notable contenders is Ebioro, hailing from Lithuania, with a focus on fostering financial independence through product and service development. Similarly, HesabPay’s solution aligns with the United Nations’ Sustainable Development Goal of eradicating poverty by facilitating direct aid payments to hard-to-reach beneficiaries, emphasizing traceability and speed.
The competition’s panel of esteemed judges includes Sunita Grote, Lead and Co-founder of UNICEF Ventures; Robbie Mitchnick, Head of Digital Assets at BlackRock; and Dante Disparte, Chief Strategy and Policy Officer at Circle. Although it remains uncertain whether one or all the companies will secure a $100,000 investment, Ogedegbe emphasizes that this competition represents a significant opportunity to attract global investors.
Convexity’s presence among the finalists underscores its commitment to innovation and addressing critical global challenges, with CHATS leading the way towards a more transparent and effective humanitarian aid distribution system in Africa and beyond.