By Much of the news coverage about Cryptocurrencies have been about the illicit activities they’re being used for, this toxic phase is in line with expected adoption trends as the crypto economy is still in its infancy. There are a lot of philanthropists in this space as well. Numerous institutions have come up with the primary motto of helping the community. Coinbeat takes a look at some of these unsung heroes inside the vast world of cryptocurrencies.
Paxful
Demonstrating how the cryptocurrency community can contribute to social good, Paxful recently completed the building of the second school in Rwanda, as part of the group’s strategic commitment to education. Through its #BuiltWithBitcoin initiative, the group is in pursuit to build 100 schools across the continent.
Ray Youssef, the CEO of Paxful, believes the #BuiltWithBitcoin initiative is a testament to the usefulness of cryptocurrency. The company’s initiative began in 2017 to bestow charity and philanthropy within the crypto industry. Zam Zam Water, a humanitarian organization, is a partner of the initiative and has assisted Paxful in the construction of a new Bitcoin-funded school for Rwandan students.
With the team focusing on Africa to continue building more schools, Paxful is set on changing how the continent’s people access finance and education – what so many of us take for granted each day – one school at a time.
IranRescueBit
According to Aljazeera, Iran’s crypto community came together to create IranRescueBit, a blockchain-enabled online platform for facilitating donations made in cryptocurrencies. After being frustrated by the spectre of politics interfering with humanitarian needs, members launched the platform which was developed by volunteers independent of any government aid. They will be accepting donations in bitcoin, Ethereum, and Litecoin.
“Humanitarian issues should not fall victim to political agendas because when that happens, average people always end up sustaining at times irreversible damages. We hope to set a positive precedent that can show the Iranian government that cryptocurrencies have wider uses that go beyond mining, trading and illicit activities that are at times associated with them.
IranRescuebit Executive Director Hamed Salehi.
Bitcoin Venezuela
Venezuela has been ranked as the fourth poorest country in Latin America by the IMF due to the critical economic problems it has been facing. However, in a span of very short years, an organization Bitcoin Venezuela has helped educate citizens about Bitcoin, blockchain, and cryptocurrency.
As reported earlier, they have expanded this charitable work like feeding the hungry around the country in hospitals, canteens, and orphanages. They continue this work with the help of continuous and consistent donations.
PINEAPPLE FUND
Started by an anonymous donor who goes by the nickname “Pine”, the Pineapple fund is an experiment in philanthropy with cryptocurrency wealth. What happens when play money becomes a treasure chest?
Timed with the 2017 crypto bubble, The Pineapple Fund’s donation, of 5104 BTC was turned into a $55 million donation to charities around the world and still aims to still give away $86 Million worth of Bitcoin.
THE BitGive FOUNDATION
BitGive became the first non-profit bitcoin organization to achieve 501(c)(3) status, meaning the Internal Revenue Service (IRS) officially recognizes it as a charitable organization in the US. It’s dedicated to improving the public health and environment worldwide by giving funds that it raises, to various philanthropic organizations and projects.
FIDELITY CHARITABLE
Fidelity Charitable is also an early adopter of sorts, the charity arm of the multinational investment firm first started accepting cryptocurrency through Coinbase’s charity service in November 2015.
According to its 2019 Giving Report, the giving community continues to flourish surpassing 200,000 generous donors in 2018. Donor-advised funds continue to be the fastest-growing vehicle for charity in the United States and the continued increase in new Giving Accounts at Fidelity Charitable reflects the upward trend. The number of Giving Accounts has more than doubled in the last decade, with the Fidelity Charitable community still growing.
Conclusion
In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector. These include crowdfunding platforms such as BitHope, which allows donors to make Bitcoin donations to selected charities for their fundraising campaigns.
Besides, some new tools like GiveTrack and Alice can track the flow of donations from donor to a donee openly, and verify what charities have received and achieved, all on a Blockchain.
Over the last few years, several charities have been trialling Bitcoin donations. These include well-known organizations such as the Red Cross Society, Save the Children, United Way, and the Electronic Frontier Foundation.
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