Fidelity Charitable, the largest US grantmaker, has reportedly broken all previous records for cryptocurrency donations. It has received nearly $274 million worth of digital assets since the start of 2021.
Crypto Donations Break the Records
City A.M., a British business newspaper, reported the news. They could even surpass $300 million given the speed of donations by the end the current year.
Notable is the fact that Fidelity Charitable had previously set a record for such donations in 2017, when many individuals and entities donated $69,000,000 in digital assets. This means that the first 11 months of 2021 were four times more successful then the whole record year.
Other than the Fidelity Charitable and other entities, significant amounts of cryptocurrency donations were also made throughout 2021. This article covered the Engiven cryptocurrency platform. It received a $10 million bitcoin donation earlier this year. This was later transferred to an undisclosed faith-based organization.
Rick Cohen, Chief Communications and Operating Officer of the National Council on Nonprofits, said that the cryptocurrency industry was too volatile for small charities to accept such donations.
It’s not the same amount of dollars they used to receive, so it can feel a bit scary for many organizations. It’s not an easy task and they have to determine if their donors are willing to pay for it.
Crypto Donations: Other Examples
CryptoPotato last month reported that Nicklaus Children’s Hospital Foundation allows people to donate in digital assets. The charity that provides better healthcare for children began accepting large cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash.
One of the most well-known examples of such contributions is Vitalik Buterin’s gift of $1 billion in Shiba Inu tokens for the India Covid Relief Fund. In May, Ethereum’s co-founder, Vitalik Buterin, spoke out about the serious consequences of the coronavirus pandemic for the world. He also said that it was important to consider the long-term.
Sandeep Nailwal, the Fund’s creator, said that cashing out the tokens was difficult because transactions had to be in compliance with India’s controversial policies and liquidity issues. Nailwal stated that it was difficult to distribute the funds correctly because of the COVID-19 pandemic, which swept across the country.
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