The Giving Block, a cryptocurrency charity platform, has launched 15 new Cause Funds to help charities with similar missions and goals.
The Giving Block was created to allow cryptocurrency donations to more than 700 charities around the globe, including Save the Children and Malala Fund.
According to The Giving Block, the new Cause Funds “bundle multiple nonprofits with a similar focus/mission”, adding that this feature is ideal for people who wish to support a specific cause or issue rather than an organization.
This allowed multiple charities to increase their impact and not just those that have instant recognition.
Alex Wilson, co-founder of Cointelegraph, stated that donors often indicated their desire to support a particular type of cause (for example, the environment), but were having trouble choosing a cause.
“Donors can support a whole category of impact through cause funds with just one transaction.” The charity and the donor both win.
These categories are aligned with the United Nations Sustainable Development Goals, which include health and medicine; liberty; freedom; military veterans; first responders; poverty; technology and science; animals and arts; children and youth; civil rights; conflicts and disasters; economic development; food and water.
The cause will determine the purpose of the donations. Wilson explained that some might be used for building schools, while others might be used for feeding hungry children. He also stated that the goal was to raise $100M via crypto donations.
So, why is this likely nothing? It’s a big deal! A single donation to Cause Funds can create a huge ripple effect. One donation = Philanthropic impact like never before. Learn more https://t.co/6bMycurFvl
— November 3, 2021, The Giving Block (@TheGivingBlock).
According to reports, hundreds of non-profits have already signed up for the Cause Funds. Only US-based companies are currently eligible. Wilson however says that they plan to expand internationally. Each month, the Cause Funds will be updated with new nonprofits.
Continue reading: Helping Afghanistan: Organisations accepting crypto donations
You can donate to any cause by using one of the 45 cryptocurrencies. Each fund’s total value will be divided equally between the participating nonprofit organizations once per month.
The Giving Block claims that donations will have a ripple effect on adoption of crypto more broadly beyond the charitable organizations supported by the funds.
“With many nonprofits succeeding in crypto fundraising, crypto adoption within the charitable sector will grow exponentially.” According to Giving Block, this strengthens charitable giving as an important application case for cryptocurrency.
Eileen Wilson –Technology and Energy
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