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Beyond the scandals: How crypto is quietly revolutionizing philanthropy
Key Excerpts from Article on Website of Salon
Posted: February 20th, 2025
https://www.salon.com/2024/11/07/beyond-the-scandals-how-cry...
In January 2024, The GivingBlock, one of the largest crypto donation platforms, reported that crypto donations had reached more than $2 billion, projected to exceed $10 billion by 2032. Crypto donors, who are largely millennials, contribute on average 128 times more per donation than cash donors. By leveraging tax incentives like capital gain offsets to eliminate taxes on donations, crypto giving is as financially smart as it is impactful. But the benefits of crypto giving go far beyond the financial incentives. Social impact is embedded in the foundation of Web 3. This new economy is fueled by cutting out traditional middlemen, banks, and allowing transparent, secure, and borderless peer-to-peer payments. No ID or passport is needed. This allows people, especially the unbanked, to have full control of their assets with minimal fees. Ethereum co-founder Vitalik Buterin has championed using memecoin momentum for good, saying, “I want to see quality fun projects that positively impact the ecosystem and the world.” He donated nearly $2 million in memecoin winnings to charities, including $532,000 to the Effective Altruism Fund's Animal Welfare Fund and over $1 million to the United Humanitarian Front, an organization providing grants to humanitarian relief initiatives in Ukraine. New Story, a nonprofit building homes to alleviate homelessness worldwide, partnered with artist Brian Ku to release a limited edition series of NFTs where each sale provided a 3D house for a family in Latin America.
Note: Watch our latest video on the potential for blockchain to fix government waste and restore financial freedom. Explore more positive stories like this on technology for good.
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