PANews reported on February 8 that according to Fortune magazine, stablecoin crypto startup Coala Pay has completed a $3.5 million seed round of financing, led by Castle Island Ventures, with participation from Lattice Fund, Factor Capital, and the founder of crypto charity platform The Giving Block. The company will use the funds from this round of financing to expand its team and recruit employees with experience working for the United Nations and the U.S. government.

According to reports, the company is committed to connecting humanitarian aid organizations with potential donors. Coala Pay helps vet donors and local aid organizations, requiring both parties to provide detailed documents to prove their legitimacy. Once both parties are whitelisted, each party can access the other's documents as needed. Instead of signing a physical contract, Coala Pay creates a smart contract for stablecoin transactions and generates a token to store information and track the use of funds.