Rick Santorum, a two-time Republican presidential candidate is on set to give his full support to a cryptocurrency which is supposed to be developed predominantly cash in on Catholic followers and believers. This is an attempt to launch a “stablecoin” to capitalize on an already established “market” (or a whole religion in this example). This isn’t the first time this has been done, but the extent of capturing such a large market based on religion is a bold move.
“Cathio” The Crypto
Rick Santorum himself being a “grateful husband and father of 8 children” as a description of himself and a publicly known homophobe has pledged to give his full support to this cryptocurrency called “Cathio”. A terrible name of a Crypto aside, the business model of Cathio is based on taking small cuts, about 2% when transactions are done. They have launched the app of the same name which provides a platform to do transactions.
The Cathio website says the following about the whole project :
“Cathio provides Catholic organizations with a payments platform that aligns with Catholic values, provides the tools necessary to increase donations and connect with both local and global Catholic communities.”
The features of the app are giving these donations to Catholic institutions and an event search feature and “blends seamless payments with community engagement where users can access a searchable directory, leave comments and give ratings to different organizations making it easier to discover the right community.”
Rick Santorum is reportedly on the board of advisors and his son-in-law is rumoured to be the CEO of the venture. Rick Santorum isn’t the only influential personality to get on board of this Crypto train. Former US ambassador of the Vatican, Jim Nicholson and many others have been present to back this cryptocurrency up. It looks like a noble cause for converting some Catholics into using new technology and keeping up with the Catholic young, but it sure can be an opportunistic business model looking innocent on the surface.