This year, well-wishers are donating more money in form of crypto donations to non-profit organizations having surpassed the $100 million mark compared to last year’s $4 million. This is according to The Giving Block, a popular crypto philanthropy platform through which non-profits raise money from well-wishers.
10 times more non-profits are also raising donations through crypto this year compared to last year. The increase in the number of non-profits accepting crypto for donations means crypto is this way going mainstream according to the CEO of The Giving Block Alex Wilson. He stated that over 1,000 nonprofits are currently accepting crypto donations through the platform.
“Next year, we have a lot of partnerships that are going live and we expect our growth to accelerate. We’re estimating that we’ll process nearly $1 billion in donations next year and work with over 6,000 nonprofits.”
Ethereum tops the list of most donated crypto on the platform at $6.52 million followed by stable coin USDC at $4.38 million, and Bitcoin at $2.79 million, according to the donation leaderboard shared today by the company. Other popular cryptos through which users are donating money include DAI, Tezos, Litecoin, and Shiba Inu.
The ‘Crypto Giving Tuesday’ is still the company’s biggest crypto fundraising day of the year, raising $2.4 million. This also surpassed last year’s ‘Crypto Giving Tuesday’ donations by 583% according to the company’s website. The institution also just raised over $2 million through the 1inch decentralized exchange after the two partnered to launch a “Donate Crypto” button on the exchange’s apps.
In addition to the over $100 million already donated, more is expected through today’s virtual Holiday Charity concert to be held by the organization at 9 p.m UTC. The institution is also running the #BagSeason donations campaign expected to conclude at the end of this month.
Through the company’s initiatives like the Crypto Adoption Fund, NFTuesday, Causes Week, and the premium Private Client Services, users are allowed to donate to support different causes being run by non-profits.
Well-wishers can be individuals and companies alike, which can also benefit from tax deductions. Among non-profits raising donations through the platform are mission-driven organizations, charities, educational institutions, and faith-based causes. This includes the Save the Children and the American Cancer Society through their Cancer Crypto Fund which is looking to raise $250,000 by this year to help fight the disease.