Fun

Crypto is ‘too big to ignore’ for the charitable sector

News Feed - 2024-03-28 10:03:00

Robert D. Knight10 hours agoCrypto is ‘too big to ignore’ for the charitable sectorA growing number of charities and nonprofits are embracing cryptocurrency.397 Total views6 Total sharesListen to article 0:00AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency adoption in the charity space is growing quickly, with 56% of the top 100 charities in the United States now accepting crypto donations as of January 2024, according to the 2024 annual report from crypto charity organization The Giving Block. 


This marks a huge turnaround for nonprofits, many of which were initially hesitant to adopt crypto payments.


As the report states, “When we launched The Giving Block in 2018, we had to practically bust down doors to get nonprofits to talk to us about bitcoin.”


The report adds, “A lot has changed since then.”


Cointelegraph spoke with the Giving Block co-founder Alex Wilson to discover how attitudes are shifting and whether he expects to see charitable organizations trend toward greater crypto adoption in the future.


“Yes, over time, we continue to see greater adoption of nonprofits accepting cryptocurrency donations,” said Wilson. “The market has become too big to ignore. There aren’t many markets in the world that allow a nonprofit to tap into a $2 trillion donor base.”


Wilson believes knowledge and familiarity with cryptocurrency are key to this change.


“Most of it is a matter of education. Many nonprofits just don’t realize how many people own cryptocurrency. Yet once they realize that, they come around to it pretty quickly,” he said.Keeping crypto donations simple


To onboard as many charities as possible, the Giving Block aims to make it simple for charities to accept crypto donations. Part of that comes in the form of an auto-sell feature, which transfers crypto into dollars at the point of donation.


“If they’d like, they can opt to hodl, but most are more comfortable liquidating the donations, similar to how they treat other non-cash donations like stock or other forms of property. Our goal is to make taking crypto just as easy as taking any other gift a nonprofit gets,” said Wilson.


With this in mind, using a donation solution minimizes a nonprofit’s exposure to cryptocurrency.


Recent: Ethereum Dencun upgrade lowers transaction fees for L2s


“The main pitfall is trying to do too much without knowing what they’re doing,” said Wilson. “Some nonprofits have opted to take things on themselves rather than work with a trusted partner.”


According to Wilson, it “doesn’t usually end well” for those who try to go it alone.Trusted partners: Streamlining adoption


Save the Children, a nonprofit focused on improving the lives of children worldwide, began accepting Bitcoin (BTC) in 2013 after Typhoon Haiyan struck the Philippines.


Ettore Rossetti, head adviser for technology, marketing and innovation partnerships at Save the Children, told Cointelegraph that the path to accepting crypto donations wasn’t wholly straightforward, requiring several sign-offs from various departments before the initiative could move forward.


“I secured the proper legal, financial and media communications permissions to be able to accept that Bitcoin donation,” said Rossetti, who admitted “there were concerns” centered around matters such as environmental impact.


Even with those concerns, Rossetti managed to secure all necessary approvals within 24 hours, proving that where the will exists, progress can be very swift indeed.


Having used various trusted partners from 2013 onward, Save The Children is now one of the many nonprofits working with The Giving Block. Many of its programs have benefited from the generosity of crypto donors.


For example, in Afghanistan, crypto donors helped support humanitarian assistance for 730,000 children in the chaotic aftermath of the U.S. withdrawal.


Following the 2023 earthquake in Syria and Turkey, crypto donations helped fund Save the Children’s water and sanitation program, reaching 1.1 million children and 2.6 million people in total.


In Uganda, in cooperation with World of Women, Save the Children raised $100,000 — helping to meet the educational needs of 115,000 children and adolescents.Crypto’s troubled reputation


Although crypto and charitable giving are becoming increasingly close-knit, there are still challenges ahead. The mainstream media isn’t always kind to the blockchain industry, and nonprofits must remain mindful of their reputation.


Then there are figures such as U.S. Senator Elizabeth Warren who associate the crypto industry with illicit activity. We asked Wilson what impact figures like Warren have on the industry.


“It’s frustrating since Elizabeth Warren and other politicians have often used exaggerated or outright false data to support their claims,” said Wilson. “Luckily, the facts support us, and the evidence is clear that there is much less illicit activity than people like Elizabeth Warren claim. All the data points to there being less illicit activity in crypto than there is in the traditional economy.”


Rossetti said that one thing Save the Children had to actively consider was the environment and “the reputational risk associated with issues such as energy utilization, especially proof-of-work chains like the Bitcoin blockchain.”


Recent: Bitcoin halving hype: How retail investors can prepare


For Rossetti and Save the Children, the environment is something they are continually mindful of since climate change “exacerbates the problems facing children — more natural disasters and so on.”


“We are the world’s first nonprofit to be part of the Green Climate Fund and the only children’s charity. So, we’re proud of that. We only have one planet,” said Rossetti.“But in looking at it more closely, just beyond headlines, many of the blockchains are powered by renewable sources or underutilized energy. And therefore, that essentially tends to be overblown.”Crypto for good: #HODLhope


Save the Children’s latest drive for crypto samaritans is #HODLhope. As the campaign states, “Around the world children are being robbed of their futures by a global economy built on inequality and greed. [...] Save the Children believes that blockchain technology and cryptocurrencies can be a force for good and a force for financial inclusion.”


The aim of #HODLhope is to raise $10 million in crypto donations by the end of 2024, allowing children around the world to hold on to hope. Having raised nearly $8 million by March, the campaign looks sure to attain that.


For the 44% of the top 100 U.S. charities that have yet to awaken to the power of Bitcoin and cryptocurrency more generally, now may be the time to take note.# Cryptocurrencies# Charity# Business# Investments# Adoption# PhilanthropyAdd reaction

News Feed

Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Kucoin Recovers 84% of Funds Stolen in $280 Million Hack
Kucoin Recovers 84% of Funds Stolen in $280 Million Hack Kucoin chief executive officer Johnny Lyu revealed Wednesday that the exchange recovered 84%, or $235 mi
Relm Launches Insurance Coverage for Cryptocurrency and Cannabis Groups in Tough Regulatory Climate
Relm Launches Insurance Coverage for Cryptocurrency and Cannabis Groups in Tough Regulatory Climate Bermuda-based insurance company Relm has announced an official launch of opera
Ezra Reguerra27 minutes agoCrypto mining hardware retailer Phoenix Technology mulls IPO in UAE: ReportA mainstream media report highlighted that the mining hardware firm Phoenix Technology is planning to go public in Abu
Eastern Europe Sends Over $800 Million in Crypto to Scams in Single Year, Report Reveals
Eastern Europe Sends Over $800 Million in Crypto to Scams in Single Year, Report Reveals Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract th
Brazil’s $90B Crypto Inflows to Create Meme Coin Hype for Altcoins like Best Wallet Token
Este artículo también está disponible en español. Gabriel Galipolo, Brazil’s Central Bank chief, said in a recent event that the use of crypto has surged in the country
Hospitality worker caught with $2.5B Bitcoin found guilty of money laundering
Ciaran Lyons7 hours agoHospitality worker caught with $2.5B Bitcoin found guilty of money launderingThe United Kingdom police reportedly stated that the seizure was the "largest of its kind" in the nation"s his
Kik Suffers Setbacks With ‘Void for Vagueness’ Defense in SEC Case
Kik is struggling to mount a strong defense in a case brought by the U.S. Securities and Exchange Commission (SEC) over its $100 million initial coin offering. As reported last mon
An Unknown Individual Signed a Message Associated With BTC Block 1,018, Reward Was Minted 16 Days After Satoshi Launched Bitcoin
An Unknown Individual Signed a Message Associated With BTC Block 1,018, Reward Was Minted 16 Days After Satoshi Launched Bitcoin On Nov. 15, 2022, a post was created on the forum w
Bitcoin Demand Soars As BTC Reclaims $82K — Is $100K Within Reach?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Was Warren Buffett right? 5 Things to know in Bitcoin this week
William Suberg59 minutes agoWas Warren Buffett right? 5 Things to know in Bitcoin this weekBitcoin sees a giant $30,000 crash in a week while Ethereum retreats 40% and Berkshire Hathaway"s Apple sale takes on new meaning
Marcel Pechman3 hours agoPersistent macro headwinds could delay Bitcoin bull market — ARK InvestSeveral macroeconomic indicators suggest that bearish headwinds could strengthen during the remainder of 2023 and possibly