The newest of new vehicles, crypto donations are making headway.
Crypto philanthropy’s ‘big bang’ event came in 2017, when an anonymous philanthropist set up the Pineapple Fund to distribute Bitcoin grants worth a total of about $55 Million to 60 charities. Today, a mere decade and a half removed from the invention of Bitcoin, nearly half (49 per cent) of the organizations listed on Forbes’ ‘America’s Top Charities’ will accept cryptocurrency donations.
Even major corporate brands have ventured into the crypto space, including TIME and Stella Artois, both of which debuted non-fungible token (NFT) collections to raise crypto for charities last year.
The fact that many people may not fully understand the intricacies of cryptocurrency has not prevented thousands of non-profit organisations from receiving hundreds of millions of dollars in crypto donations in recent years.
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