While cryptocurrency investment is becoming highly popular around the world, the use of cryptocurrency as a mode of charity is also gaining momentum. Lots of people are generating profits from the downward and upward movement of crypto coins on the Cartesian plane. More and more donors are considering giving donations in the form of cryptocurrencies. The reason for this inclination is the relief from capital gain taxes and the bonus income tax deductions offered by the government in some countries like the USA.
Let’s talk about a few nonprofit organizations that have harnessed benefits from such donations.
- Unicef is the first international charity organization to accept crypto donations. It started by receiving donations in BTC and ETH. Unicef has received millions of dollars worth of cryptocurrency for its humanitarian work in the field of education, child safety and emergency response.
- Other large organizations like American Red Cross and the American Cancer Society have also generated a proportion of their revenue through cryptocurrencies. They are using these funds for disaster management services and cancer research respectively.
- ‘She is the first’ is a nonprofit that has been able to distribute food and sanitary products to thousands of girls around the world with the help of these virtual donations.
- Many universities including Princeton, MIT, University of Arizona have used the crypto charity to fund scholarships, research and other academic programs.
- Crypto fundraising helps Team Rubicon in their rescue operations and build resilience for disaster management.
Several Large nonprofits have already started accepting these virtual donations. At the same time, the volatile nature of these currencies makes some organizations skeptical. Consequently, there are a limited number of organizations connecting donors with nonprofits. The numbers are increasing gradually and cryptocurrency is emerging as a great medium for humanitarian work.