Three large charities currently operating cryptocurrency funds
There is no doubt that cryptocurrency donations are on the rise. According to The Giving Block, a platform facilitating cryptocurrency donations for charities, approximately $300 million in cryptocurrency is donated each year. The same platform currently has over 350 non-profits listed that accept crypto donations, and this is by no means an exhaustive list, as there are many others that accept cryptocurrency donations independently.
Furthermore, we are seeing new and creative ways of crypto giving, such as through the use of NFTs for charitable auctions, where proceeds go to various charities, and the use of $ADA stakepools, where participants stake their $ADA for interest, with a portion going to charitable causes.
Many large charitable organizations have taken advantage of this momentum and are working to bolster their presence in the crypto giving space. One way they are doing this, is through the use of cryptocurrency funds, where charitable organizations set up a specific fund, funded entirely by cryptocurrency donations, to support new and exciting social impact projects.
In this post, I will highlight three large charities that are currently making use of crypto funds to diversify their revenue and scale their impact.
UNICEF CryptoFund
UNICEF, one of the largest international NGOs serving children and young people, launched its CryptoFund in 2019, which enables them to receive, hold, and disburse cryptocurrencies, specifically Bitcoin and Ether, to open-source software start-ups in support of solutions to challenges faced by children and young people.
To date, the CryptoFund has made investments of 1327 ETH and 1 BTC (worth roughly $4,319,250 USD at the time of writing) in 18 start-ups making use of blockchain, machine learning, AI, and more to solve complex problems. I have covered a couple of these amazing projects in the Project Showcases section of the Crypto Altruism blog.
The CryptoFund is a way for UNICEF to learn about a new digital asset class, and in line with goals of the Office of Innovation, explore possible futures that UNICEF may operate in – whether it be cryptocurrencies, central bank digital currencies, or any other type of digital currencies, UNICEF will have a better understanding of what is required to operate in this new context. Through the CryptoFund, UNICEF is leveraging the transparent nature of blockchain transactions, while at the same time benefiting from the low cost of sending value.
Save the Children’s Kumwe Hub Fund
In July 2021, Save the Children announced that they would be accepting donations in $ADA (Cardano’s native currency) to fund a new Innovation Hub to invest in African-based social enterprises impacting children, families, or youth. This fund is facilitated through Save the Children Rwanda’s recently launched Kumwe Hub, which aims to “bring together innovation and impact investment across Africa, with blockchain central to both.” To date, this Hub has many exciting projects in the works including digital IDs for refugees, lending mechanisms for the financially excluded, and more.
According to Maggie Korde, Save the Children’s Country Director in Rwanda:
Through Cardano, Save the Children in Rwanda now has a starter pot of the cryptocurrency ADA which we can deploy to projects for children. But there are also countless possibilities through blockchain to firstly directly impact children’s lives through initiatives such as digital school records and secondly to increase our efficiency and transparency as an organization.
American Cancer Society’s Cancer Crypto Fund
In January 2021, the American Cancer Society launched a cryptocurrency fund with the goal of raising $1 million to support cancer research. All crypto received through the fund will go directly towards cancer research for “new discoveries and better treatments”.
According to the ACS’ website:
American Cancer Society recognizes the emergence of cryptocurrency and knows the impact cancer has across this and many other communities. We invite you to support our vital research efforts and our broader mission to save lives, celebrate lives, and lead the fight for a world without cancer.
These are just three examples of extraordinary charities using cryptocurrency for positive social impact, but it is certainly not an exhaustive list, and it is a growing list. The number of charities accepting cryptocurrency donations is growing daily, and here’s to hoping there will be many more crypto funds in the not-too-distant future.
How do you feel about the future of crypto charitable giving? Tweet us at @Crypto_Altruism, we’d love to hear from you!
