Stablecoin crypto startup Coala Pay has completed a $3.5 million seed round financing, led by Castle Island Ventures

ChainCatcher news, according to Fortune magazine, stablecoin crypto startup Coala Pay has completed a $3.5 million seed round financing, led by Castle Island Ventures, with participation from Lattice Fund, Factor Capital, and the founders of the crypto charity platform The Giving Block. The company will use the funds from this round of financing to expand its team and hire employees with experience working for the United Nations and the U.S. government.

The company is dedicated to connecting humanitarian aid organizations with potential donors. Coala Pay helps vet donors and local aid organizations, requiring both parties to provide detailed documentation to prove their legitimacy. Once both parties are whitelisted, they can access each other's documents as needed. Coala Pay does not sign physical contracts but creates smart contracts for stablecoin transactions and generates a token to store information and track the use of funds.