By HVY Journalists: Former Pennsylvania Sen. Rick Santorum has revealed his support for a new Catholic-based cryptocurrency dubbed Cathio. He hopes the new stablecoin will attract millennials to the church.
The FT’s Alphaville describes Santorum as someone who “has long been known for his religious zeal.” What proves this statement better than backing a Catholic-focused coin and joining the company as a member of the board of directors?
Powering the Catholic Economy
Cathio looks to provide Catholic organizations with a “payment, remittance, and funding platform,” as per the company’s website. They tout an “efficient, secure, and transparent movement of funds within the Catholic world.”
Organizations using the platform will have access to tools they can use to increase donations and connect with other Catholic communities around the world.
In exchange, Cathio operates as a for-profit company that takes roughly a 2% cut from each donation on the platform.
The ‘Universal Solution’ to Target Millenials
Santorum believes that Cathio will help the Catholic church to better engage with young people, saying in a press release:
“Millennials don’t carry cash, they date on apps and watch on-demand entertainment. We have to be there, we have to learn from successful tech companies, and we have to provide a universal solution that makes it easy for younger generations to engage with the Church.”
Boosting Donor Ego
Cathio CEO Matt Marcolini told FT Alphaville that a blockchain-based platform would bring “permissioned visibility to the church.”
“We’ve decided to start at the donations side, so the faithful can begin to ask where the money’s come from.”
Transparency is a great thing indeed – especially in a case when donations are involved –but there are questions surrounding privacy. Is Cathio using a tactic that influences the egos of the faithful to convince them to donate more? According to Marcolini, whose father-in-law is Santorum, there’s another reason for the public nature of donations. He told FT Alphaville:
“When somebody’s doing the wrong thing, or if the government has a question, or If there’s any investigation into any wrongdoing, being able to track that information could be helpful for the Church.”
Cathio’s CEO reportedly emphasized that rather than focusing on transparency the priority is to “bring millennials and Gen Xers into the fold to help them cultivate a culture of philanthropy or a culture of giving.”