February 8, 2025
Coala Pay, a stablecoin-based donation platform facilitating cross-border humanitarian aid, has secured $3.5 million in seed funding. Castle Island Ventures led the round, with participation from Lattice Fund, Factor Capital, and the founders of The Giving Block. The investment will support the company’s efforts to expand its operations and enhance its blockchain-based donation infrastructure.
The company enables aid organizations and donors to use stablecoins, cryptocurrencies tied to the U.S. dollar, to reduce the costs associated with international transactions. According to founder Melyn McKay, this method can lower transaction fees by up to 25%, preserving more funds for intended recipients. Coala Pay also integrates smart contracts to establish verifiable agreements between donors and aid groups, improving transparency and security.
With the new funding, the company plans to expand its team, focusing on hiring professionals with experience at the United Nations and U.S. government agencies. Coala Pay operates on a revenue model that charges service fees for each smart contract transaction. While the company has not disclosed financial metrics such as valuation or annual revenue, the funding will support its growth strategy and compliance efforts.
About Coala Pay
Coala Pay is a blockchain-based donation platform designed to facilitate stablecoin transactions for humanitarian aid. The platform enables donors and aid organizations to send and receive funds while reducing transaction costs and ensuring transparency through smart contracts. It also implements a verification process to authenticate both donors and aid recipients.
Website: https://coalapay.org/
X: @coalapay
About Investor
Castle Island Ventures
Castle Island Ventures is a venture capital firm focused on early-stage blockchain investments. Founded in 2018, the firm is based in Massachusetts and primarily backs companies developing financial and digital infrastructure within the blockchain sector.
Location: Massachusetts, USA
Website: https://castleisland.vc/
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