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December 6, 2021

Philanthropy and Cryptocurrency

Back in 2014, there were only about 500 cryptocurrencies on the market and possibly no philanthropy conducted with any of it. Since then, more have burst into the scene. At present, there are about 7000 cryptocurrencies. This is amazing growth for just a 7 year period. In terms of adoption, in the United States alone, already 14% of the population have bought some type of cryptocurrency at some point. This is about 21.1 million people. When it comes to the global market, over 300 million people have used cryptocurrency before.

It is evident that crypto is not going anywhere. This is only the beginning of its relevance and value. We can easily expect continued growth and user adoption. We see certain sectors adopting crypto smoothly and even intuitively, especially those sectors that easily align with cutting-edge technology. Some other sectors continue to lag.

What about philanthropy?

So many sectors can benefit from the convenience and efficacy of blockchain technology. There is no reason why they shouldn’t, other than weariness of some level of risk that some may reasonably have. What’s more, accepting cryptocurrency as an alternate mode of payment shows the crypto community that a non-profit, political organization, or cause is in alignment with new technology and perhaps, even the future.

Projects doing Philanthropic workforce

In the field of longevity, some projects have already turned to cryptocurrency as means of donating. Here are some:

SENS Research Foundation

The SENS Research Foundation is one such organization. It focuses on research, development, and the promotion of comprehensive solutions for diseases that are age-related. If the general public and specially educated donors are allowed to learn about advancements in this area. This organization supports projects working to cure cancer, heart disease, and Alzheimer’s. It has notably made cryptocurrency part of how it runs. The level of progressiveness of this organization can even be seen in how many types of cryptocurrency SENS Research Foundation accepts donations. You can donate using Bitcoin, Ether, Dogecoin, and Aave.

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However, that is not just it. In total, the foundation accepts donations from 72 cryptocurrencies including those already stated. Back in 2018, various crypto visionaries have donated cryptocurrency to the foundation. One such visionary is Vitalik Buterin. Buterin donated US$ 2.4 million in ETH to the SENS Research Foundation. The founder of HEX, Richard Heart, carried out a campaign with SENS where users who donated to the foundation saw themselves being entered into PulseChain, his new cryptocurrency. Through this campaign, they managed to raise over US$ 5 million in donations. This is undeniable evidence that cryptocurrency offers real opportunities for philanthropy.

Longevity Science Foundation

The Longevity Science Foundation is another organization worth mentioning in this case. This organization accepts funds in all popular cryptocurrencies. They expect to work in alignment with crypto leaders to establish a decentralized and transparent mode of financing. All donors receive voting rights in the foundation’s funding decisions. So far, the organization has committed to helping projects that are most visionary in their worldview.

Useful solutions

Any non for profit can jump on the bandwagon using tools now on the market that help them do so. The Giving Block offers just that. Its tools are there to help non-profits receive donations. These tools also make it easy for donors to make their donations in the crypto that they most prefer. They can make these donations to over 400+ organizations. Nonprofits like World Relief, American Cancer Society, No Kid Hungry, and St. Jude Children’s Research Hospital are among nonprofits receiving payment in crypto.

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All in all, the more charities and other nonprofits embrace crypto, the more opportunities these organizations give themselves to raise funds. The opportunity is clear and the benefits are apparent. It’s time for more nonprofits to jump onboard.