A high profile former US Senator has come out in support of Cathio. The latter is a firm dedicated to helping “provide efficient, secure, and transparent movement of funds within the Catholic world”. The company subsequently aims to achieve its goals through the use of cryptocurrency and blockchain tech.
Notable Catholic Rick Santorum has backed the not-for-profit Cathio. The firm intends to help global Catholic communities take advantage of lower transaction costs and faster payment times by leverage fintech.
CEO Matthew Marcolini said Cathio would reduce transaction costs, while improving transparency.
Former Ambassador to the Holy See and Cathio Advisor Jim Nicholson says Cathio will save the church money. He said the crypto would also benefit Catholics around the world.
“The Church is living in a time of great challenges with the laity asking, ‘What can we do?’ Well, Cathio is a lay initiative that not only strives to save the Church money, but positions it to provide greater transparency of financial transactions and the connectivity of people of good will with good works.”
The former Senator said he was “excited” to have the opportunity to work with the company.
Nicholson said that he was “excited to be part of a company dedicated to helping the Catholic Church connect with younger believers.” Commenting further, he stated:
“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.”
Some have critically highlighted Santorum’s relationship to the firm’s CEO, who is his father-in-law. Others, however, say Santorum’s support is genuine. Meanwhile, the church hopes Cathio will appeal to a younger audience of church goers.
There are slim details about how the platform would work in practise. Blockchain technology will likely power it, though. That’s the same technology behind cryptocurrencies like Bitcoin.
The network charges a 2% fee for transactions running through its platform. It does so while allowing priests to take donations through a bona fides Catholic payment partner.