- Crypto philanthropy is gaining popularity daily.
- Top U.S. charities are already fundraising for crypto.
Leading charitable organizations in the United States are increasingly embracing cryptocurrency donations. According to BanklessTimes.com, two out of three top U.S. charities are accepting crypto contributions in 2024, with over $2 billion in donations.
BanklessTimes CEO Jonathan Merry, speaking on the development, said:
As the value of various digital assets skyrocketed in recent years, a new wave of crypto-affluent individuals emerged, eager to leverage their newfound wealth for charitable purposes.
Crypto Philanthropy Growth
56% of top American non-profits have enabled crypto pockets and accept crypto donations. Interestingly, 67.8% of these charities fund cryptos through The Giving Block.
Since its inception, the amount of crypto contributed through The Giving Block has hit $2 billion, proving that most people are comfortable donating cryptocurrencies. What is outstanding is the extreme surge of crypto donations in just one year, as seen in The Giving Block 2022 report, where $125 million had been raised.
Among the notable organizations accepting crypto donations are Save the Children, World Vision International, Water Aid U.S., and the American Red Cross. These entities utilize the existing crypto space to attract a new donor base and expand their baskets to tap various sources.
Opportunities and Challenges of Crypto Donations
Accepting and donating cryptocurrencies presents numerous advantages and opportunities for donors and charities. For charities, accepting crypto means low transaction fees and shorter transaction processes. Crypto transactions offer unparalleled convenience to donors as they can contribute to causes in the comfort of their own homes.
Moreover, navigating regulatory compliance, including issues related to know-your-client and anti-money laundering regulations, can be complex, particularly across different jurisdictions. Additionally, charities must remain vigilant against cyber threats, as exposure to cybercriminals could lead to substantial financial losses.
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