It’s not uncommon for Non-Profit organizations to accept donations, but it’s not very common for these donations to come in the form of cryptocurrencies. Stellar is one blockchain/crypto project that is now making the big step towards donating to non-profits.
As a matter of fact, the foundation has already announced that it will be giving out a total of 1.9 million Stellar Lumens (XLM) to a select 6 organizations that have had its back for some time. The lucky non-profits include Heifer International (a global organization fighting hunger by helping agricultural producers), Women Who Code (encourages women to take up positions in the tech industry), Watsi (creates new technologies to improve financing models in the healthcare sector), Freedom of the Press, Unicef France, and the Tor Project (the creator of the anonymizing browser called The Onion Router).
In the case of Tor, the project has been receiving crypto donations (Bitcoin) since 2013. Tor started accepting other cryptos in March 2019. These include Dash (DASH), Litecoin (LTC), Zcash (ZEC), Stellar Lumens (XLM), Bitcoin Cash (BCH), Ethereum (ETH), Augur (REP), and Monero (XMR). In fact, according to the project’s fundraising director, Sarah Stevenson, about 20% of the donations received by Tor come in form of cryptocurrencies.
Stellar’s new move in giving out crypto donations highlights the increasing exposure of cryptos to possible mass adoption in the future. Also, Stellar wants to support the non-profits as they have been using its technology and supporting its project, and it’s only right for the company to return the favor.
Crypto Against Coronavirus
Granted, Stellar isn’t the only crypto-oriented donor in the industry. Various entities have moved to send their donations in cryptos during hard economic times and unrest in countries like Venezuela. Now, even more, entities are stepping up to help in the fight against the current Coronavirus pandemic.
In late March, Binance Exchange made a huge move by starting an initiative dubbed #CryptoAgainstCOVID. The initiative is focused on buying and distributing much-needed medical supplies to the regions hit by the pandemic. For a start, Binance donated $1 million towards the cause and pledged to match any public donation to a tune of another $1 million.