Leading crypto philanthropy organisation The Giving Block has released a report into crypto donations in 2021, and the findings are astonishing.
As a whole, The Giving Block found that donations in cryptocurrency to charitable organisations increased an amazing 1,558 per cent over the past year, as traders and investors opted to share their spoils with deserving causes.
The evidence in the report seems to suggest that charitable organisations are increasingly interacting with a new class of donor; able to contribute larger payments instantly with a lot less paperwork.
To paint a picture, the average charitable cash donation in 2021 was $128 and the average charitable crypto donation was 82 times greater with an approximate value of $10,455.
An emerging class of crypto donors
Pat Duffy, co-founder of The Giving Block, was quick to explain this new class of donor.
“As an emerging source of fundraising, individuals from all corners of the crypto community – from anonymous donors to industry leaders to NFT artists—have shown an eagerness to embrace their capacity as supporters of important causes, from animal rights and disaster relief to mental health awareness and cancer research,” said Pat.
“We are thrilled to have made increased access to capital available for hundreds of worthy causes and provided the opportunity for a growing number of crypto users to donate to the charities that interest them.”
Indeed, a significant factor in this explosion of crypto donations has been a 900 percent increase in non-profit organisations embracing cryptocurrency during the same period.
Ethereum (ETH) accounted for the largest number of donations at 42%, with Bitcoin close behind at 36% and USDC at 7%.
But surprisingly, of the $70m in donations handled by The Giving Block last year, a sizeable $12.3m came by way of NFT donations.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.