The Big Whale: When you think of Médecins Sans Frontières (MSF), you think of lots of things, but not cryptos. Can you tell us more about the system you've just launched?
Mario Stephan: Of course! This staking project has a dual objective: to raise funds and to attract new donors who don't necessarily resemble our historical donors, i.e. younger and more tech-oriented.
How will this system work?
The aim is for donors to stake their cryptos (the act of immobilising cryptos on a blockchain, editor's note) and pay back part of their rewards to us.
The system is very simple: you connect your wallet to our site, you choose how much you want to stake and you receive "MSFeth" tokens in return. The longer you keep these tokens, the more interest they generate for MSF.
How does this method of giving differ from traditional methods?
The big difference is that we ask donors to stake their funds , which allows them to keep their capital while generating interest for MSF. It's a new approach, which allows for more flexible and accessible donations.
What motivated you to embark on this project?
We realised that there's a whole population that we don't reach at all. We want to understand this crypto community and see how we can interest them in our issues and via mechanisms that speak to them.
How does this project align with MSF's values?
Since 1971, MSF has always been very attached to its independence and this spirit fits very well with the libertarian philosophy of crypto. And to maintain this independence over the long term, we need to explore innovative ways of financing, and crypto is one of them.
What are the returns for stakers?
Returns are currently around 3% per year. The longer the staking period, the more advantageous it is, and we are aiming for an average period of 3 to 6 months.
How long has this staking option been available?
The smart contract has only been operational for a few weeks. We tested the system internally before making it public.
What are your strategies for achieving this?
We have 3 main focuses: getting grants from DAOs, like the 100,000 DAI grant from Maker DAO (now Sky), convincing crypto investors, and we hope that companies will get on board.
What blockchain are you working on?
At the moment, we're working on Ethereum, focusing on Proof of Stake protocols for environmental reasons. This is a key topic for us.
Do you already have participants?
The project was officially launched at the end of September, so we're still in the early stages of engaging with the community.
Can you tell us about your partners?
ArabBank and Lido are two key partners. ArabBank has supported us from the outset, while Lido joined the project as our first external partner. We hope to be able to work quickly with other staking players such as Kiln. Khadmos, which developed the smart contract, has also helped us a lot.
What is the main challenge for MSF at the moment?
The main challenge is to find the right forums and platforms to promote this project and engage in a dialogue with the blockchain community.
Do you accept donations from companies, particularly in the crypto sector?
Yes, we accept donations from companies, including in the crypto sector, as long as they comply with our due diligence process. However, certain sectors such as defence and oil are obviously excluded.
How do you see the future of blockchain for MSF?
Blockchain opens up new prospects for MSF, particularly by enabling greater transparency and efficiency in donations. It is a powerful tool that we will continue to explore to achieve our humanitarian goals.
What are the challenges with this new approach?
It is a change in the way we think about donations, and we need to adapt our processes while ensuring that this approach speaks to current and future donors.
What are your financial goals for this project?
We haven't set a specific financial target at the moment, but we hope to generate revenue in the five to six figures with this project.
What are your current financial requirements for your projects on the ground?
For our response to the crisis in the Middle East, we need around €65-70 million by the end of 2024. We've secured around 45 million at the moment, so we need more and I hope the staking we've launched will help with that.
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